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 146 68A Stat. 357; 75 Stat. 536. 26 USC 1441. Effective date.

PUBLIC LAW 88-273-FEB. 28, 1964

[78 STAT.

(c) WITHHOLDING f>F TAX ON CERTAIN Nt)NKESii)ENT ALIKXS.—Subsections (a) and (b) of section 1441 (relating to witliliokling of tax on nonresident aliens) are amended by striking out "18 percent" and inserting in lieu thereof "14 percent". (d) EFFECTIVB DATES.—The amendments made by subsections (a) and (b) of this section shall apply with respect to remuneration paid after the seventh day following the date of the enactment of this Act. The amendment made by subsection (c) of this section shall apply with respect to payments made after the seventh day following the dnte of the enactment of this Act. Approved February 26, 1964. Public Law 88-273

February 28, 1964 [S. 298]

Small B u s i n e s s Investment Act Amendments of 1963. 7 2 Stat. 69 2; 75 Stat. 752. 15 USC 682.

Borrowing power. 15 USC 683.

Assistance; limitations. 15 USC 686.

AN ACT To amend the Small Business Investment Act of 1958.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the "Small Business Investment Act Amendments of 1963". SEC. 2. The second sentence of section 302(a) of the Small Business Investment Act of 1958 is amended by striking out "$400,000" and inserting in lieu thereof "$700,000", by striking out "three years" and inserting in lieu thereof "five years", and by striking out "1961" and inserting in lieu thereof "1963". SEC. 3. Section 303(b) of the Small Business Investment Act of 1958 is amended to read as follows: " (b) To encourage the formation and growth of small business investment companies, the Administration is authorized (but only to the extent that the necessary funds are not available to the company involved from private sources on reasonable terms) to lend funds to such companies either directly or by loans made or effected in cooperation with banks or other lending institutions through a^eements to participate on an immediate or deferred (standby) basis. Such loans shall bear interest at such rate (in no case lower than the average investment yield, as determined by the Secretary of the Treasury, on marketable obligations of the United States outstanding at the time of the loan involved) and contain such other terms as the Administration may fix, and shall be subject to the following restrictions and limitations: " (1) The total amount of obligations of any one company which may be purchased and outstanding at any one time by the Administration under this subsection (including commitments to purchase such obligations) shall not exceed 50 per centum of the paidin capital and surplus of such company or $4,000,000, whichever is less. " (2) All loans made under this subsection (b) shall be of such sound value as reasonably to assure repayment." SEC. 4. Section 306 of the Small Business Investment Act of 1958 is amended to read as follows: ((AGGREGATE

LIMITATIONS

"SEC. 306. Without the approval of the Administration, the aggregate amount of obligations and securities acquired and for which commitments may be issued by any small business investment company

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