Page:United States Statutes at Large Volume 102 Part 3.djvu/1041

 PUBLIC LAW 100-590—NOV. 3, 1988

102 STAT. 2993

"(4) it has made investments in small businesses for not less than four years in the case of section 301(d) licensees and in all other cases, not less than five years; "(5) it has invested more than 20 per centum of its capital in any individual small business; "(6) it has engaged in relending, foreign investments, or passive investments; or "(7) it has charged an interest rate in excess of the maximum permitted by law: Provided, That the Administration may waive the examination (A) for up to one additional year if, in its discretion, it determines such a delay would be appropriate, based upon the amount of debentures being issued by the company and its repayment record, the prior operating experience of the company, the contents and results of the last examination and the management expertise of the company, or (B) if it is a company whose operations have been suspended while the company is involved in Utigation or is in receivership.". SEC. 105. MINIMUM LIFE OF LIMITED PARTNERSHIP SMALL BUSINESS INVESTMENT COMPANIES.

Section 301 of the Small Business Investment Act of 1958 (15 U.S.C. 681) is amended by striking from subsection (a) "has succession for a period of not less than thirty years unless sooner dissolved by its shareholders or partners" and inserting in lieu thereof ", if incorporated, has succession for a period of not less than thirty years unless sooner dissolved by its shareholders, and if a limited partnership, has succession for a period of not less than ten years,". SEC. 106. PERIODIC SMALL BUSINESS INVESTMENT COMPANY DEBENTURE SALES.

(a) IN GENERAL.—Title i n of the Small Business Investment Act of 1958 is amended by adding at the end thereof the following new section: PERIODIC ISSUANCE OF GUARANTEES AND TRUST CERTIFICATES

"SEC. 322. The Administration shall issue guarantees under section 303 and trust certificates under section 321 at periodic intervals of not less than every three months and shall do so at such shorter intervals as its deems appropriate, taking into consideration the amount and number of such guarantees or trust certificates.". (b) CLERICAL AMENDMENT.—The table of sections for title m is amended by adding the following new item:

15 USC 687m.

"Sec. 322. Periodic issuance of guarantees and trust certificates.". SEC. 107. GENERAL ACCOUNTING OFFICE EVALUATION OF THE SERVICE CORPS OF RETIRED EXECUTIVES.

15 USC 637 note.

The Comptroller General shall, not later than December 1, 1989, Reports. transmit a report to the Small Business Committees of the Senate and the House of Representatives on the functions being performed by volunteers in the Service Corps of Retired Executives and the Active Corps of Executives. Such report shall include his evaluation of the p r ( ^ a m s and shall include conclusions and recommendations concerning the efficiency and cost effectiveness of such volunteers.

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