7 U.S. Code § 2009cc–8 - Rural business investment companies
The Secretary may, in the discretion of the Secretary and based on a showing of special circumstances and good cause, permit the private capital of a rural business investment company described in paragraph (1)(B) to be less than $10,000,000, but not less than $5,000,000, if the Secretary determines that the action would not create or otherwise contribute to an unreasonable risk of default or loss to the Federal Government.
Each rural business investment company shall have a period of 2 years to meet the capital requirements of this subsection.
The Secretary shall ensure that the management of each rural business investment company licensed after May 13, 2002, is sufficiently diversified from and unaffiliated with the ownership of the rural business investment company so as to ensure independence and objectivity in the financial management and oversight of the investments and operations of the rural business investment company.
2008—Subsec. (c)(3), (4). Pub. L. 110–246, § 6027(c), added par. (3) and redesignated former par. (3) as (4).
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