Page:United States Statutes at Large Volume 86.djvu/1358

 1316 74 Stat. 196. 15 USC 684. 81 Stat. 271. 15 USC 686. Repeal. 72 Stat. 691; 80 Stat. 1360. 15 USC 681. Interest subsidy. Ante, p. 1314.

Joint ownership companies, benefits.

Preferred stock asset coverage requirement, exemption. 54 Stat. 817; 72 Stat. 694. 15 USC 661 note.

80 Stat. 132. Handicapped persons, loans. Ante, p. 898.

PUBLIC LAW 92-595-OCT. 27, 1972

[86 STAT.

(e) Subsection 304(a) of the Small Business Investment Act of 1958 is amended by inserting "and unincorporated" after "incorporated". (f) Section 306 is amended (1) by inserting the word "private" in subsection (a) thereof to read "combined private paid-in capital and paid-in surplus" and (2) by repealing subsection (b) thereof. (g) Title III is further amended by adding thereto new sections to read as follows: "SEC. 317. Notwithstanding section 303(b), the effective rate of interest after October 13, 1971, during the first five years thereafter of the term of any debenture purchased by the Administration from a small business investment company under authority of section 303(c), shall be the greater of 3 per centum or 3 percentage points below the interest rate determined pursuant to section 303(b). The Administration is authorized to apply interest paid to it by such company for the period from October 13, 1971, to the effective date of this section, without interest thereon, to interest payable after such effective date. No company which has received the benefit of this section may make a distribution (other than to the Administration) unless it has first paid to the Administration an amount e(j[ual to the difference between the rate of interest payable to the Administration pursuant to the previous sentence, and the rate of interest which would have been payable pursuant to section 303(b). "SEC. 318. The Administration is authorized to extend the benefits of sections 303(c) and 317 to any small business investment company operating under authority of section 301(d) of this Act, and which is owned, in whole or in part, by one or more small business investment companies, in accordance with regulations promulgated by the Administration. "SEC. 319. Section 18 of the Investment Company Act of 1940, as amended (15 U.S.C. 80a-18), is further amended by amending subsection (k) to read as follows: " '(k) The provisions of subparagraphs (A) and (B) of paragraph (1) of subsection (a) of this section shall not apply to investment companies operating under the Small Business Investment Act of 1958, and the provisions of paragraph (2) of said subsection shall not apply to such companies so long as such class of senior security shall be held or guaranteed by the Small Business Administration.' " SEC. 3. The Small Business Act is amended as follows: (a) Subsection (c) of section 4 of the Small Business Act (15 U.S.C. 633(c)) is amended by inserting " 7 (g), " immediately after "7(e)," in each of paragraphs (1), (2), and (4) thereof. (b) Section 7 of the Small Business Act (15 U.S.C. 636) is amended by adding at the end thereof the following new subsection: " (g)(1) The Administration also is empowered, where other financial assistance is not available on reasonable terms, to make such loans (either directly or in cooperation with Banks or other lending institutions through agreements to participate on an immediate or deferred basis) as the Administration may determine to be necessary or appropriate— " (A) to assist any public or private organization— " (i) which is organized under the laws of the United States or of any State, operated in the interest of handicapped individuals, the net income of which does not inure in whole or in part to the benefit of any shareholder or other individual; "(ii) which complies with any applicable occupational health and safety standard prescribed by the Secretary of Labor; and

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