Page:United States Statutes at Large Volume 110 Part 4.djvu/909

 PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -746 (A) the term "Administrator" means the Administrator of the Small Business Adminstration; (B) the term "Administration" means the Small Business Administration; and (C) the term "licensee" has the same meaning as in section 103. (3) LIQUIDATION PLAN.— (A) IN GENERAL.—Not later than October 15, 1996, the Administrator shall submit to the Committees on Small Business of the Senate and the House of Representatives a detailed plan to expedite the orderly liquidation of all licensee assets in liquidation, including assets of licensees in receivership or in trust held by or under the control of the Administration or its agents. (B) CONTENTS. — The plan submitted under paragraph (1) shall include a timetable for liquidating the liquidation portfolio of small business investment company assets owned by the Administration, and shall contain the findings and recommendations of the Administrator on various options providing for the fair and expeditious liquidation of such assets within a reasonable period of time, giving due consideration to the option of entering into one or more contracts with private sector entities having the capability to carry out the orderly liquidation of similar assets. (h) TECHNICAL AND CONFORMING AMENDMENTS.— (1) SMALL BUSINESS INVESTMENT ACT OF 1958.— The Small Business Investment Act of 1958 (15 U.S.C. 661 et seq.) is amended— (A) in section 303— 15 USC 683. (i) in subsection (a), by striking "debenture bonds," and inserting "securities,"; (ii) by striking subsection (f) and inserting the following: "(f) REDEMPTION OR REPURCHASE OF PREFERRED STOCK.— Notwithstanding any other provision of law— "(1) the Administrator may allow the issuer of any preferred stock sold to the Administration before November 1, 1989 to redeem or repurchase such stock, upon the payment to the Administration of an amount less than the par value of such stock, for a repurchase price determined by the Administrator after consideration of all relevant factors, including— "(A) the market value of the stock; "(B) the value of benefits provided and anticipated to accrue to the issuer; "(C) the amount of dividends paid, accrued, and anticipated; and "(D) the estimate of the Administrator of any anticipated redemption; and "(2) any moneys received by the Administration from the repurchase of preferred stock shall be available solely to provide debenture leverage to licensees having 50 percent or more in aggregate dollar amount of their financings invested in smaller enterprises."; and (iii) in subsection (g)(8)— (I) by striking "partners or shareholders" and inserting "partners, shareholders, or members";

�