Page:United States Statutes at Large Volume 80 Part 1.djvu/1395

 80

STAT.]

PUBLIC LAW 89-779-NOV. 6, 1966

1359

Public Law 89-779 AN ACT

November 6, 1966

To amend the Small Business Investment Act of 1958, and for other purposes.

[H. R. 18021]

Be it enacted by the Senate and House of Representatives of the Small Business United States of America in Congress assembled, That this Act may ^^^^^^^^^^_ ^^t be cited as the "Small Business Investment Act Amendments of 1966". /Tmendments of SEC. 2. Section 201 of the Small Business Investment Act of 1958 I'^fs. 72 Stat. 690. is amended to read as follows: 15 USC 671. "ESTABLISHMENT OF SMALL BUSINESS INVESTMENT DIVISION

"SEC. 201. There is hereby established in the Small Business Administration a division to be known as the Small Business Investment Division. The Division shall be headed by an Associate Administrator who shall be appointed by the Administrator, and shall receive compensation at the rate provided by law for other Associate Administrators of the Small Business Administration." SEC, 3. Section 808 of the Small Business Investment Act of 1958 is amended— (1) by striking out the last two sentences of subsection (c); and (2) by inserting after subsection (e) the following new subsections: "(f) In the performance of, and with respect to the functions, ]_)Owers, and duties vested by this Act, the Administrator and the Administration shall (in addition to any authority otherwise vested by this Act) have the functions, powders, and duties set forth in the Small Business Act, and the provisions of sections 13 and 16 of that Act, insofar as applicable, are extended to the functions of the Administrator and the Administration under this Act. " (g) The Administration shall include in its annual report, made pursuant to section 10(a) of the Small Business Act, a full and detailed account of its operations under this Act. Such report shall set forth IJie amount of losses sustained by the Government as a result of such operations during the preceding fiscal year, together with an estimate of the total losses which the Government can reasonably expect to incur as a result of such operations during the then current fiscal year." SEC. 4. (a) Section 309 of the Small Business Investment Act of 1958 is amended by striking out the section heading and inserting in lieu thereof the following: "REVOCATION AND SUSPENSION or LICENSES; CEASE AND DESIST ORDERS".

(b) Section 309(a) of such Act is amended— (1) by inserting "revoked or" before "suspended"; (2) by striking out in paragraph (1) "Administration, for the purpose of obtaining the license" and inserting in lieu thereof "Administration"; and (3) by striking out in paragraph (2) "for the purpose of obtaining the license,". (c) Section 309(b) of such Act is amended to read as follows: "(b) Where a licensee or any other person has not complied with any provision of this Act, or of any regulation issued pursuant thereto by the Administration, or is engaging or is about to engage in any acts or practices which constitute or will constitute a violation of such Act or regulation, the Administration may order such licensee or other person to cease and desist from such action or failure to act. The

15 USC 687.

72 Stat. 384. ISUSe 631 note.

75 Stat. 666. 15 USC 639.

75 Stat. 753. 15 USC 687a.

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