Page:United States Statutes at Large Volume 115 Part 1.djvu/989

 PUBLIC LAW 107-100—DEC. 21, 2001 115 STAT. 967 (B) in paragraph (2)— (i) by striking "1341;" and inserting "1341"; and (ii) by striking "institution." and inserting "institution; or"; (C) by inserting immediately after paragraph (2) the following: "(3) section 16(a) of the Small Business Act (15 U.S.C. 645(a))."; and (D) by striking "This section shall" and inserting the following: "(d) EFFECTIVE DATE.— This section shall". SEC. 5. REMOVAL OR SUSPENSION OF MANAGEMENT OFFICIALS. Section 313 of the Small Business Investment Act of 1958 (15 U.S.C. 687e) is amended to read as follows: "SEC. 313. REMOVAL OR SUSPENSION OF MANAGEMENT OFFICIALS. "(a) DEFINITION OF 'MANAGEMENT OFFICIAL'.— In this section, the term 'management official' means an officer, director, general partner, manager, employee, agent, or other participant in the management or conduct of the affairs of a licensee. "(b) REMOVAL OF MANAGEMENT OFFICIALS. — "(1) NOTICE OF REMOVAL. — The Administrator may serve upon any management officiad a written notice of its intention to remove that management official whenever, in the opinion of the Administrator— "(A) such management official— "(i) has willfully and knowingly committed any substantial violation of— "(I) this Act; "(II) any regulation issued under this Act; or "(III) a cease-and-desist order which has become final; or "(ii) has willfully and knowingly committed or engaged in any act, omission, or practice which constitutes a substantial breach of a fiducisuy duty of that person as a management officied; and "(B) the violation or breach of fiduciary duty is one involving personal dishonesty on the part of such management official. "(2) CONTENTS OF NOTICE.—^A notice of intention to remove a management official, as provided in paragraph (1), shall contain a statement of the facts constituting grounds therefor, and shall fix a time and place at which a heeiring will be held thereon. "(3) HEARINGS. — "(A) TIMING.— A hearing described in psiragraph (2) shall be fixed for a date not earlier than 30 days nor later than 60 days after the date of service of notice of the hearing, unless an earlier or a later date is set by the Administrator at the request of— "(i) the management official, and for good cause shown; or "(ii) the Attorney GenergJ of the United States. "(B) CONSENT.—Unless the management official shall appeeir at a hearing described in this paragraph in person or by a duly authorized representative, that management

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