Page:United States Statutes at Large Volume 116 Part 1.djvu/427

 PUBLIC LAW 107-171—MAY 13, 2002 116 STAT. 401 "(b) FIDUCIARY DUTIES. —It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a rural business investment company to engage in any act or practice, or to omit any act or practice, in breach of the fiduciary duty of the officer, director, employee, agent, or participant if, as a result of the act or practice, the rural business investment company suffers or is in imminent danger of suffering finsincial loss or other damage. "(c) UNLAWFUL ACTS. —Except with the written consent of the Secretary, it shall be unlawful— "(1) for any person to take office as an officer, director, or employee of any rural business investment company, or to become an agent or participant in the conduct of the affairs or management of a rural business investment company, if the person— "(A) has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or "(B) has been found liable in a civil action for damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust; and "(2) for any person to continue to serve in any of the capacities described in paragraph (1), if— "(A) the person is convicted of a felony or any other criminal offense involving dishonesty or breach of trust; or "(B) the person is found liable in a civil action for damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust. "SEC. 384P. REMOVAL OR SUSPENSION OF DIRECTORS OR OFFICERS. "Using the procedures established by the Secretary for removing or suspending a director or an officer of a rural business investment company, the Secretary may remove or suspend any director or officer of any rural business investment company. "SEC. 384Q. CONTRACTING OF FUNCTIONS. "(a) IN GENERAL. —Notwithstanding any other provision of law, to carry out the day-to-day management and operation of the program authorized by this subtitle on behalf of the Secretary, the Secretary shall enter into an interagency agreement under section 1535 of title 31, United States Code, with another Federal agency that has considerable expertise in operating a program under which capital is provided for equity investments in private sector companies. "(b) FUNDING.— The costs incurred by a Federal agency entering into an agreement under subsection (a) shall be reimbursed in accordance with section 1535 of title 31, United States Code, from amounts made available under section 384S(a)(2). "SEC. 384R. REGULATIONS. "The Secretary may promulgate such regulations as the Secretary considers necessary to carry out this subtitle. 7 USC 2009CC-15. 7 USC 2009CC-16. 7 USC 2009CC-17.

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