Page:United States Statutes at Large Volume 105 Part 3.djvu/432

 105 STAT. 2316 PUBLIC LAW 102-242 —DEC. 19, 1991 (A) is a community development bank, or controls any community development bank, which meets the requirements of subsection Ob); (B) controls any community development corporation, or maintains any community development unit within the institution, which meets the requirements of subsection (c); (C) invests in accounts in any community development credit union designated as a low-income credit union, subject to restrictions established for such credit unions by the National Credit Union Administration Board; or (D) invests in a community development organization jointly controlled by two or more institutions; (2) except in the case of an institution which is a community development bank, the amount of the capital invested, in the form of debt or equity, by the institution in the community development organization referred to in paragraph (1) (or, in the case of any community development unit, the amount which the institution irrevocably makes available to such unit for the purposes described in paragraph (3)) is not less than the greater of— (A) Vz of 1 percent of the capital, as defined by generally accepted accounting principles, of the institution; or (B) the sum of the amounts invested in such community development organization; and (3) the community development organization provides loans for residential mortgages, home improvement, and community development and other financial services, other than financing for the purchase of automobiles or extension of credit under any open-end credit plan (as defined in section 103(i) of the Truth in Lending Act), to low- and moderate-income persons, nonprofit organizations, and small businesses located in qualified distressed communities in a manner consistent with the intent of this subtitle. (b) COMMUNITY DEVELOPMENT BANK REQUIREMENTS. — A community development bank meets the requirements of this subsection if— (1) the community development bank has a 15-member advisory board designated as the "Community Investment Board" and consisting entirely of community leaders who— (A) shall be appointed initially by the board of directors of the community development bank and thereafter by the Community Investment Board from nominations received from the community; and (B) are appointed for a single term of 2 years, except that, of the initial members appointed to the Community Investment Board, Vb shall be appointed for a term of 8 months, Va shall be appointed for a term of 16 months, and Vs shall be appointed for a term of 24 months, as designated by the board of directors of the community development bank at the time of the appointment; (2) Vs of the members of the community development bank's board of directors are appointed from among individuals nominated by the Community Investment Board; and (3) the bylaws of the community development bank require that the board of directors of the bank meet with the Community Investment Board at least once every 3 months.

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