Page:United States Statutes at Large Volume 72 Part 1.djvu/731

 72 S T A T. ]

PUBLIC LAW 85-699-AUG. 21, 1958

689

Public Law 85-699 AN ACT To m a k e equity capital and long-term credit more readily available for smallbusiness concerns, and for other purposes.

Be it enacted by the Senate and House of Representatives United States of America in Congress assembled,

of the

TITLE I—SHOET TITLE, STATEMENT OF POLICY, AND DEFINITIONS SHORT TITLE

SEC. 101. This Act, divided into titles and sections according to the following table of contents, may be cited as the "Small Business Investment Act of 1958." TABLE O F CONTENTS TITLE I — S H O R TITLE, STATEMENT OF POLICY, AND DEFINITIONS

Sec. 101. Short title. Sec. 102. Statement of policy. Sec. 103. Definitions. TITLE II — S M A L L B U S I N E S S INVESTMENT DIVISION OF THE SMALL B U S I N E S S ADMINISTRATION

Sec. 201. Establishment of Small Business Investment Division. Sec. 202. Provision and purposes of funds. TITLE III — S M A L L B U S I N E S S INVESTMENT COMPANIES

Sec. Sec. Sec. Sec. Sec. See. Sec. Sec. Sec.

301. 302. 303. 304. 305. 306. 307. 308. 309.

August 21, 1958 [S. 3651]

Organization of small business investment companies. Capital stock and subordinated debentures. Borrowing povper. Provision of equity capital for small-business concerns. Long-term loans to small-business concerns. Aggregate limitations. Exemptions. Miscellaneous. Approving State chartered companies for operations under t h i s Act.

TITLE IV—CONVERSION OF STATE CHARTERED INVESTMENT COMPANIES AND STATE DEVELOPMENT COMPANIES TITLE V — L O A N S TO STATE AND LOCAL DEVELOPMENT C O M P A N I E S TITLE VI — C H A N G E S I N FEDERAL RESERVE AUTHORITY

Sec. 601. Repeal of section 13b of the Federal Reserve Act. See. 602. F u n d for management counseling. TITLE VII—CRIMINAL PENALTIES STATEMENT OF POLICY

SEC. 102. I t is declared to be the policy of the Congress and the purpose of this Act to improve and stimulate the national economy in general and the small-business segment thereof in particular by establishing a program to stimulate and supplement the flow of private equity capital and long-term loan funds which small-business concerns need for the sound financing of their business operations and for their growth, expansion, and modernization, and which are not available in adequate supply: Provided, however, That this policy

Small Elusinesa Investtneni: Act of 1958.

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