Page:United States Statutes at Large Volume 93.djvu/1357

 PUBLIC LAW 96-185—JAN. 7, 1980

93 STAT. 1325

(9) the term "persons with an existing economic stake in the health of the Corporation" means banks, financial institutions, and other creditors, suppliers, dealers, stockholders, labor unions, employees, management, State, local, and other governments, and others directly deriving benefit from the production, distribution, or sale of products of the Corporation; and (10) the term "wages and benefits" means any direct or indirect compensation paid by the Corporation to employees of the Corporation and shall include, but is not limited to, amounts paid in accordance with wage scales, straight time hourly wage rates, base wage rates, base salary rates, salary scales, and periodic salary grades, overtime premiums, night shift premiums, vacation payments, holiday payments, relocation allowance, call-in pay, bonuses, bereavement pay, jury duty pay, paid absence allowances, short-term military duty pay, paid leaves of absence, holiday pay including personal holidays, and medical, health, accident, sickness, disability, hospitalization, insurance, pension, educational, and supplemental unemployment benefits. CHRYSLER CORPORATION LOAN GUARANTEE BOARD

SEC. 3. There is established a Chrysler Corporation Loan Guarantee Establishment. Board which shall consist of the Secretary of the Treasury who shall Membership. be the Chairperson of the Board, the Chairman of the Board of 15 USC 1862. Governors of the Federal Reserve System, and the Comptroller General of the United States. The Secretary of Labor and the Secretary of Transportation shall be ex officio nonvoting members of the Board. AUTHORITY FOR COMMITMENTS FOR LOAN GUARANTEES

SEC. 4. (a) Subject to the provisions of this Act, the Board, on such terms and conditions as it deems appropriate, may make commitments to guarantee the payment of principal and interest on loans to a borrower only if at the time the commitment is issued, the Board determines that— (1) there exists an energy-savings plan which— (A) is satisfactory to the Board; (B) is developed in consultation with other appropriate Federal agencies; (C) focuses on the national need to lessen United States dependence on petroleum; and (D) can be carried out by the borrowers; (2) the commitment is needed to enable the Corporation to continue to furnish goods or services, and failure to meet such need would adversely and seriously affect the economy of, or employment in, the United States or any region thereof; (3)(A) the Corporation has submitted to the Board a satisfactory operating plan (including budget and cash flow projections) for the 1980 fiscal year and the next succeeding three fiscal years demonstrating the ability of the Corporation to continue operations as a going concern in the automobile business, and after December 31, 1983, to continue such operations as a going concern without additional guarantees or other Federal financing; and (B) the Board has received such assurances as it shall require that the operating plan is realistic and feasible;

15 USC 1863

Operating plan, submittal to Board.

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