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PUBLIC LAW 93-383-AUG. 22, 1974

[88 STAT.

^12 USC i749aa ^j^^ -^g^^Q shall not be withheld or made subject to conditions or prefi72o' note, noTs' crcnce by reason of the tax-exempt status of bonds or other obligations "°te. issued or to be issued to provide financing for use in connection with such assistance, except where otherwise expressly provided or authorized by law. ADDITIONAL ASSISTANT SECRETARIES OF HOUSING AND URBAN DEVELOPMENT 42 USC 3533.

SEC. 818. (a) Section 4 of the Department of Housing and Urban Development Act (Public Law 89-174, 79 Stat. 667) is amended— (1) by striking out "six" in the first sentence of subsection (a) and inserting in lieu thereof "eight"; (2) by striking out subsection (b); and (3) by redesignating subsections (c) and (d) as subsections (b) and (c), respectively, (b) Section 5316 of title 5, United States Code, is amended by strik ing out paragraph (122). (c) Paragraph (87) of section 5315 of title 5, United States Code, is amended by striking out " (6) " and inserting in lieu thereof " (8) ". MORTGAGE PROCEEDS F R A U D U L E N T L Y MISAPPROPRIATED BY MORTGAGOR

12 USC noil-i.

SEC. 819. The Secretary of Housing and Urban Development shall take action to secure the payment of any deficiency after foreclosure on a mortgage insured or assisted under Federal law where the Secretary has reason to believe that mortgage proceeds have been fraudulently misappropriated by the mortgagor. NEIGHBORHOOD DEVELOPMENT

42 USC 1469b.

42 USC 1450.

SEC. 820. Notwithstanding the provisions of section 133(b) of the Housing Act of 1949 or of any other law, local expenditures made in connection with the Broad and Front Street Garage in Trenton, New Jersey, shall, to the extent otherwise eMgible, be counted as a local grant-in-aid to the first two action years of the Trenton Neighborhood Development Program (N.J. A-1) in accordance with the provisions of title I of the Housing Act of 1949. CONDOMINIUM

42 USC 3532 note. Report to e o n gress.

PROGRAM

A N D COOPERATIVE

STUDY

SEC. 821. The Secretary of Housing and Urban Development is authorized and directed to conduct a full and complete investigation and study, and report to Congress not later than one year after the date of enactment of this Act, with respect to condominiums and cooperatives, and the problems, difficulties, and abuses or potential abuses applicable to condominium and cooporative housing. DIRECT F I N A N C I N G

STUDY

SEC. 822. The Secretary of Housing and Urban Development and the Secretary of the Treasury shall study the feasibility of financing the programs authorized under section 236 of the National Housing 12 USC 1715Z-1 Act and section 802 of this Act through various financing methods, note. including direct loans from the Federal Financing Bank, with a view to determining whether there is any such method that would result in net savings to the Federal Government (after taking into account Report to Con- ^j^^ direct aud indirect effects of such method). The Secretary of gress Housing and Urban Development and the Secretary of the Treasury

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text: Author:George Scott Robertson

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title: Author:George Scott Robertson


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PUBLIC LA\V 93-385-AUG. 23, 1974

shall transmit to the Congress a report on the study required by this section not later than one year after the date of enactment of this Act Approved August 22, 1974. Public Law 93-384 JOINT RESOLUTION To authorize the erection of a monument to the dead of the First Infantry Division, United States Forces in Vietnam. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Society of the First Infantry Division—First Division Memorial Committee is authorized to erect (at no cost to the United States or the District of Columbia) a monument to the dead of the First Infantry Division, United States Forces in Vietnam, on the public grounds of the United States in the District of Columbia previously set aside for memorial purposes of the First Infantry Division, adjacent to the monument to the dead of the First Infantry Division, American Expeditionary Forces in World War I, and adjacent to the monument to the dead of the First Infantry Division, United States Forces in World War II. SEC. 2. The design and plans for such monument shall be subject to the approval of the Secretary of the Interior, the National Commission of Fine Arts, and the National Capital Planning Commission. SEC. 3. The Secretary of the Interior shall be responsible for the maintenance and care of any such monument, in accordance with the provisions of the Act entitled "An Act to establish a National Park Service, and for other purposes", approved August 25, 1916, and the Act entitled "An Act to provide for the preservation of historic American sites, buildings, objects, and antiquities of national significance, and for other purposes", approved August 21, 1935. Approved August 23, 1974.

August 23, 1974 [S. J. R e s. 66]

First Infantry D i v i s i o n, United States Forces in Vietnam. Monument.

Design.

Maintenance,

16 USC 1. 16 USC 4 6 1.

Public Law 93-385 AN ACT To amend the Public Health Service Act to extend through fiscal year 1975 the scholarship program for the National Health Service Corps and the loan program for health professions students. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 225(i) of the Public Health Service Act is amended by inserting before the period ", and $40,000,000 for the fiscal year ending June 30, 1975". SEC. 2. (a) Section 742(a) of the Public Health Service Act is amended by striking out "and" after "1973," and by inserting after "1974" the following: ", and $60,000,000 for the fiscal year ending June 30, 1975". (b) Section 740(b)(4) of such Act is amended by striking out "1974" and inserting in lieu thereof "1975". SEC. 3. (a) Section 824 of the Public Health Service Act is amended— (1) by striking out "and" after "1973,"; and (2) by inserting after "1974," the first time it appears the following: "and $35,000,000 for the fiscal year ending June 30, 1975,". (b) Section 822(b)(4) of such Act is amended by striking out "1974" and inserting in lieu thereof "1975". Approved August 23, 1974.

38-194 O - 76 - 50 Pt. 1

August 23, 1974 [S.3782]

Health services. Scholarship and student loan programs, e x t e n s i o n. 42 USC 234. 42 USC 294b.

42 USC 294. 42 USC 297c.

42 USC 297a.

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PUBLIC LAW 93-386-AUG. 23, 1974

[88 STAT.

Public Law 93-386 August 23, 1974 [S.3331]

Small B u s i n e s s Amendments of 1974. 15 USC 631 note. 15 USC 6 3 1.

Infra. Post, p. 744.

Revolving funds. 15 USC 6 3 3.

15 USC 636.

15 USC 637. 15 USC 6 8 1, 695.

15 USC 6 3 3.

15 USC 6 3 6.

AN ACT To clarify the authority of the Small Business Administration, to increase the authority of the Small Business Administration, and for other purposes. 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 Amendments of 1974". SEC. 2. (a) The Small Business Act is amended— (1) by redesignating subsection (b) of section 2 as subsection (c) and by adding after subsection (a) of that section the following new subsection: "(b) The assistance programs authorized by sections 7(i) and 7(j) of this Act are to be utilized to assist in the establishment, preservation, and strengthening of small business concerns and improve the managerial skills employed in such enterprises, with special attention to small business concerns (1) located in urban or rural areas with high proportions of unemployed or low-income individuals: or (2) owned by low-income individuals; and to mobilize for these objectives private as well as public managerial skills and resources."; (2) by striking out paragraphs (1) and (2) of section 4(c), and inserting in lieu thereof the following: '' (c)(1) There are hereby established in the Treasury the following revolving funds: (A) a disaster loan fund which shall be available for financing functions performed under sections 7(b)(1), 7 (b)(2), 7(b)(4), 7(b)(5), 7(b)(6), 7(b)(7), 7(b)(8), 7(c)(2), and 7(g) of this Act, including administrative expenses in connection with such functions; and (B) a business loan and investment fund which shall be available for financing functions performed under sections 7(a), 7(b)(3), 7(e), 7 (h), 7 (i), and 8(a) of this Act, and titles III and V of the Small Business Investment Act of 1958, including administrative expenses in connection with such functions. "(2) All repayments of loans and debentures, payments of interest and other receipts arising out of transactions heretofore or hereafter entered into by the Administration (A) pursuant to sections 7(b)(1), 7(b)(2), 7(b)(4), 7(b)(5), 7(b)(6), 7(b)(7), 7(b)(8), and 7(c)(2) of this Act shall be paid into a disaster loan fund; and (B) pursuant to sections 7(a), 7(b)(3), 7(e), 7 (h), 7 (i), and 8(a) of this Act, and titles III and V of the Small Business Investment Act of 1958, shall be paid into the business loan and investment fund."; (3) by striking out paragraph (4) of section 4(c), and inserting in lieu thereof the following: •'(4) The total amount of loans, guarantees, and other obligations or commitments, heretofore or hereafter entered into by the Administration, which are outstanding at any one timo (A) under sections 7 (a), 7(b)(3), 7(e), 7 (h), 7 (i), and 8(a) of this Act, shall not exceed $6,000,000,000; (B) under title III of the Small Business Investment Act of 1958, shall not exceed $725,000,000; (C) under title V of the Small Business Investment Act of 1958, shall not exceed $525,000,000; and (D) under section 7(i) of this Act, shall not exceed $450,000,000."; and (4) by adding at the end of section 7 the following three new subsections: "(i)(1) The Administration also is empowered to make, participate (on an immediate basis) in, or guarantee loans, repayable in not more than fifteen years, to any small business concern, or to any qualified person seeking to establish such a concern, when it determines that

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PUBLIC LAW 93-386-AUG. 23, 1974

such loans will further the policies established in section 2(b) of this Act, with particular emphasis on the preservation or establishment of small business concerns located in urban or rural areas with high proportions of unemployed or low-income individuals, or owned by low-income individuals: Provided, however, That no such loans shall be made, participated in, or guaranteed if the total of such Federal assistance to a single borrower outstanding at any one time would exceed $50,000. The Administration may defer payments on the principal of such loans for a grace period and use such other methods as it deems necessary and appropriate to assure the successful establishment and operation of such concern. The Administration may, in its discretion, as a condition of such financial assistance, require that the borrower take steps to improve his management skills by participating in a management training program approved by the Administration: Provided, however, That any management training program so approved must be of sufficient scope and duration to provide reasonable opportunity for the individuals served to develop entrepreneurial and managerial self-sufficiency. "(2) The Administration shall encourage, as far as possible, the participation of the private business community in the program of assistance to such concerns, and shall seek to stimulate new private lending activities to such concerns through the use of the loan guarantees, participations in loans, and pooling arrangements authorized by this subsection. "(3) To insure an equitable distribution between urban and rural areas for loans between $3,500 and $50,000 made under this subsection, the Administration is authorized to use the agencies and agreements and delegations developed under title III of the Economic Opportunity Act of 1964, as amended, as it shall determine necessary. "(4) The Administration shall provide for the continuing evaluation of programs under this subsection, including full information on the location, income characteristics, and types of businesses and individuals assisted, and on new private lending activity stimulated, and the results of such evaluation together with recommendations shall be included in the report required by section 10(a) of this Act. "(5) Loans made pursuant to this subsection (including immediate participation in and guarantees of such loans) shall have such terms and conditions as the Administration shall determine, subject to the following limitations— " (A) there is reasonable assurance of repayment of the loan; " (B) the financial assistance is not otherwise available on reasonable terms from private sources or other Federal, State, or local programs; "(C) the amount of the loan, together with other funds available, is adequate to assure completion of the project or achievement of the purposes for which the loan is made; " (D) the loan bears interest at a rate not less than (i) a rate determined by the Secretary of the Treasury, taking into consideration the average market yield on outstanding Treasury obligations of comparable maturity, plus (ii) such additional charge, if any, toward covering other costs of the program as the Administration may determine to be consistent with its purposes: Provided, however, That the rate of interest charged on loans made in redevelopment areas designated under the Public Works and Economic Development Act of 1965 (42 U.S.C. 3108 et seq.) shall not exceed the rate currently applicable to new loans made under section 201 of that Act (42 U.S.C. 3142); and

743 742.

Limitation.

Deferred payments. Management training program.

Private b u s i n e s s e s, participation.

42 USC 2841,

15 USC 639. Loans, tions.

42 USC 3121 note. 42 USC 3 1 4 1.

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PUBLIC LAW 93-386-AUG. 23, 1974

Urban area small b u s i n e s s, allocation.

Relocations, funds, restriction.

T e c h n i c a l or management assistance projects, financial a s s i s t Ante,

p. 742.

[88 STAT.

" (E) fees not in excess of amounts necessary to cover administrative expenses and probable losses may be required on loan guarantees. •'(6) The Administration shall take such steps as may be necessary to insure that, in any fiscal year, at least 50 per centum of the amounts loaned or guaranteed pursuant to this subsection are allotted to small business concerns located in urban areas identified by the Administration as having high concentrations of unemployed or low-income individuals or to small business concerns owned by low-income individuals. The Administration shall define the meaning of low income as it applies to owners of small business concerns eligible to be assisted under this subsection. "(7) Xo financial assistance shall be extended pursuant to this subsection where the Administration determines that the assistance will be used in relocating establishments from one area to another if such relocation would result in an increase in unemployment in the area of original location. ' ' (j)(l) The Administration is authorized to provide financial assistance to public or private organizations to pay all or part of the cost of projects designed to provide technical or management assistance to individuals or enterprises eligible for assistance under subsection 7(i) of this Act, with special attention to small business located in urban areas of high concentration of unemployed or low-income individuals or owned by low-income individuals. •'(2) Financial assistance under this subsection may be provided for proiects, including without limitation— (A) planning and research, including feasibility studies and market research; ' ' (B) the identification and development of new business opportunities; " (C) the furnishing of centralized services with regard to public services and Government programs including programs authorized under subsection 7(i); agencies, including trade associations and cooperatives; ' ' (E) the encouragement of the placement of subcontracts by major business with small business concerns located in urban areas of high concentration of unemployed or low-income individuals or owned by low-income individuals, including the provision of incentives and assistance to such major businesses so that they will aid in the training and upgrading of potential subcontractors or other small business concerns; and " (F) the furnishing of business counseling, management training, and legal and other related services, with special emphasis on the development of management training programs using the resources of the business community, including the development of management training opportunities in existing businesses, and with emphasis in all cases upon providing management training of sufficient scope and duration to develop entrepreneurial and managerial self-sufficiency on the part of the individuals served. "(3) The Administration shall give preference to projects which promote the ownership, participation in ownership, or management of small business concerns by residents of urban areas of high concentration of unemployed or low-income individuals, and to projects which are planned and carried out with the participation of local businessmen. "(4) The financial assistance authorized by this subsection includes assistance advanced by grant, agreement, or contract, but does not include the procurement of plant or equipment, or goods or services.
 * '(D) the establishment and strengthening of business service

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PUBLIC LAW 93-386-AUG. 23, 1974

745

"(5) The Administration is authorized to make payments under ayments. grants and contracts entered into under this subsection in lump sum or installments, and in advance or by way of reimbursement, and in the case of grants, with necessary adjustments on account of overpayments or underpayments. "(6) To the extent feasible, services under this subsection shall be provided in a location which is easily accessible to the individuals and small business concerns served. "(7) The Administration shall provide for an independent and ^fj°^^"' ^^^'" continuing evaluation of programs under this subsection, including full information on, and analysis of, the character and impact of managerial assistance provided, the location, income characteristics, and types of businesses and individuals assisted, and the extent to which private resources and skills have been involved in these programs. Such evaluation together with any recommendations deemed advisable by the Administration shall be included in the report required by section 10(a) of this Act. ^^ "^^ ^^^' "(8) The Administration shall take such steps as may be necessary and appropriate, in coordination and cooperation with the heads of other Federal departments and agencies, so that contracts, subcontracts, and deposits made by the Federal Government or in connection with programs aided with Federal funds are placed in such a way as to further the purposes of this subsection and of subsection 7(i) of this Act. The Administration shall provide for the continuing evalua- Ante, p. 742. tion of programs under this subsection and the results of such evaluation together with recommendations shall be included in the report required by section 10(a) of this Act. " (k) I n carrying out its functions under subsections 7(i) and 7(j) of this Act, the Administration is authorized— '^"'^' ^' '^'*'** "(1) to utilize, with their consent, the services and facilities of Federal agencies without reimbursement, and, with the consent of any State or political subdivision of a State, accept and utilize the services and facilities of such State or subdivision without reimbursement; "(2) to accept, in the name of the Administration, and employ or dispose of m furtherance of the purposes of this Act, any money or property, real, personal, or mixed, tangible, or intangible, received by gift, devise, bequest, or otherwise; " (3) to accept voluntary and uncompensated services, notwithstanding the provisions of section 3679(b) of the Revised Statutes (31 U.S.C. 6 5 5 (b)); and 31 USC ees. " (4) to employ experts and consultants or organizations thereof as authorized by section 15 of the Administrative Expenses Act of 1946 (5 U.S.C. 55a), except that no individual may be employed 5 USC 3109. under the authority of this subsection for more than one hundred days in any fiscal year; to compensate individuals so employed at rates not in excess of $100 per diem, including traveltime; and to allow them, while away from their homes or regular places of business, travel expenses (including per diem in lieu of subsistence) as authorized by section 5 of such Act (5 U.S.C. 73b-2) s use 5703. for persons in the Government service employed intermittently, while so employed: Provided, however, That contracts for such employment may be renewed annually." (b) Title IV of the Economic Opportunity Act of 1964 is hereby f2^PJs^c*29oi. repealed; and all references to such title in the remainder of that Act 2907. are repealed. SEC. 3. The Small Business Act is further amended— (1) by amending section 5(b) by striking out "and" following ^^ use 634. paragraph (8), by striking out the period at the end of para-

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 746

5 USC 636.

Investigations.

fifin^?'"^"'' .wr^^^^^*'"^

powers

Service of process.

15 USC 636. 15 USC 639. Report t°^conmutees?^ ° *

15 USC 647.

PUBLIC LAW 93-386-AUG. 23, 1974

[88 STAT.

graph (9) and inserting in lieu thereof a semicolon and by adding at the end of paragraph (9) the following new paragraphs: "(10) upon purchase by the Administration of any deferred participation entered into under section 7 of this Act, continue to charge a rate of interest not to exceed that initially charged by the participating institution on the amount so purchased for the remaining term of the indebtedness; and " (H) make such investigations as he deems necessary to determine whether a recipient of or participant in any assistance under this Act or any other person has engaged or is about to engage in any acts or practices which constitute or will constitute a violation of any provision of this Act, or of any rule or regulation under this Act, or of any order issued under this Act. '^^^ Administration shall permit any person to file with it a statement in writing, under oath or otherwise as the Administration shall determine, as to all the facts and circumstances concerning the matter to be investigated. For the purpose of any investigation, the Administration is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production of any books, papers, and documents which are relevant to the inquiry. Such attendance of witnesses and the production of any such records may be required from any place in the United States. In case of contumacy by, or refusal to obey a subpena issued to, any person, including a recipient or participant, the Administration may invoke the aid of any court of the United States within the jurisdiction of which such investigation or proceeding is carried on, or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of books, papers, and documents; and such court may issue an order requiring such person to appear before the Administration, there to produce records, if so ordered, or to give testimony touching the matter under investigation. Any failure to obey such order of the court may be punished by such court as a contempt thereof. All process in any such case may be served in the judicial district whereof such person is an inhabitant or wherever he may be found."; and (2) by striking out the third sentence in paragraph (2) of section 7(h) and inserting in lieu thereof: "The Administration's share of any loan made under this subsection shall bear interest at the rate of 3 per centum per annum." gj,^^ ^ Section 10 of the Small Business Act is amended by adding at the end thereof the following new subsection: .i ^^^ ^ h c Administration shall transmit, not later than December 31 of cacli year, to the Committee on P inking, Housing and Urban Affairs of the Senate and the Committee on Bankino; and Currency of the House of Representatives a sealed report with respect to— "(1) complaints alleging illegal conduct by employees of the Administration which were received or acted upon by the Administration during the preceding fiscal year; and "(2) investigations undertaken by the Administration, including external and internal audits and security and investigation reports.". SEC. 5. Section 18 of the Small Business Act is amended by adding at the end thereof the following new sentence: "If loan applications are being refused or loans denied by such other department or agency responsible for such work or activity due to administratiA^e withholding from obligation or withholding from apportionment, or due to

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747

administratively declared moratorium, then, for purposes of this section, no duplication shall be deemed to have occurred.". SEC. 6. (a) The Small.Business Investment Act of 1958 is amended— (1) by striking out in the table of contents in section 101 all references to title IV and section numbers therein and inserting in lieu thereof the following: "TITLE IV - ^ U A R A N T E E S "PAKT A—'LEASE GXTARANTEES

"Sec. 401. Authority of the Administration. "Sec. 402. Powers. "Sec. 403. Fund. "PART B—SURETY BOND OUARANTEES

"Sec. 410. Definitions. "Sec. 411. Authority of the Administration. "Sec. 412. Fund."; (2) by striking out section 403 and inserting in lieu thereof the following:

is use 694.

"FUND

"SEC. 403. There is hereby created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitations as a revolving fund for the purposes of this part. There are authorized to be appropriated to the fund from time to time such amounts not to exceed $10,000,000 to provide capital for the fund. All amounts received by the Administrator, including any moneys, property, or assets derived by him from his operations in connection with this part, shall be deposited in the fund. AH expenses and payments pursuant to operations of the Administrator under ttiis part shall be paid from the fund. From time to time, and at least at the close of each fiscal year, the Administrator shall pay from the fund into Treasury as miscellaneous receipts interest at a rate determined by the Secretary of the Treasury on the cumulativ^e amount of appropriations available as capital to the fund, less the average undisbursed cash balance in the fund during the year. The rate of such interest shall be determined by the Secretary of the Treasury, and shall not be less than a rate determined by taking into consideration the average market yield during the month preceding each fiscal year on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturity of guarantees from the fund. Moneys in the fund not needed for the payment of current operating expenses or for the payment of claims arising under this part may be invested in bonds or other obligations of, or bonds or other obligations guaranteed as to principal and interest by, the United States; except that moneys provided as capital for the fund shall not be so invested."; ,i (3) by striking out "$500,000" in section 411 and inserting in lieu thereof "$1,000,000"; and (4) by adding after section 411 the following new section:

Establishment.

Appropriation.

Interest r a t e.

15 USC 694b.

'FUND

"SEC. 412. There is hereby created within the Treasury a separate fund for guarantees which shall be available to the Administrator without fiscal year limitation as a revolving fund for the purposes of this part. There are authorized to be appropriated to the fund from time to time such amounts not to exceed $35,000,000 to provide capital for the fund. All amounts received by the Administrator, including

Establishment. 15 USC 6 9 4 c.

Appropriation.

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Interest r a t e.

Allocated funds, IS u s e 694 note. Ante, p. 747.

Transfer of funds.

IS u s e 6 3 3.

SBA Administrators.

Associate Administrator for Minority Small Business.

Interest r a t e. 15 USC 636.

PUBLIC LAW 93-386-AUG. 23, 1974

[88 STAT.

any moneys, property, or assets derived by him from his operations in connection with this part, shall be deposited in the fund. All expenses and payments pursuant to operations of the Administrator under this part shall be paid from the fund. From time to time, and at least at the close of each fiscal year, the Administrator shall pay from the fund into Treasury as miscellaneous receipts interest at a rate determined by the Secretary of the Treasury on the cumulative amount of appropriations available as capital to the fund, less the average undisbursed cash balance in the fund during the year. The rate of such interest shall be determined by the Secretary of the Treasury, and shall not be less than a rate determined by taking into consideration the average market yield during the month preceding each fiscal year on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturity of guarantees from the fund. Moneys in the fund not needed for the payment of current operating expenses or for the payment of claims arising under this part may be invested in bonds or other obligations of, or bonds or other obligations guaranteed as to principal and interest by, the United States; except that moneys provided as capital for the fund shall not be so invested." (b) Unexpected balances of capital previously transferred to the fund pursuant to section 403 of the Small Business Investment Act of 1958 (15 U.S.C. 694), as in effect prior to the effective date of this Act, shall be allocated, together with related assets and liabilities, to the funds established by paragraphs (2) and (4) of subsection (a) of this section in such amounts as the Administrator shall determine. In addition, the Administrator is authorized to transfer to the fund established by paragraph (4) of subsection (a) of this section not to exceed $2,000,000 from the fund established under section 4(c)(1)(B) of the Small Business Act: Provided, That section 4(c)(6) and the last sentence of section 4(c)(5) shall not apply to any amounts so transferred. SEC. 7. Section 4(b) of the Small Business Act is amended— (1) by striking out "three" in the third sentence and inserting in lieu thereof "four"; and (2) by inserting after the third sentence the following new sentence: "One of the Associate Administrators shall be designated at the time of his appointment as the Associate Administrator for ISIinority Small Business and shall be responsible to the Administrator for the formulation of policy relating to the Administration's programs which provide assistance to minority small business concerns and in the review of the Administration's execution of such programs in light of such policy." SEC. 8. Sections 7(a)'(4)(B) and 7(a)(5)(B) of the Small Business Act are each amended to read as follows: "the rate of interest for the Administration's share of any such loan shall be the average annual interest rate on all interest-bearing obligations of the United States then forming a part of the public debt as computed at the end of the fiscal year next preceding the date of the loan and adjusted to the nearest one-eighth of 1 per centum plus one-quarter of 1 per centum per annum; and". SEC. 9. (a) Section 7(b) of the Small Business Act is amended by striking out the period at the end of paragraph (7) and inserting in lieu thereof "; and" and by adding immediately after paragraph (7) the following new paragraph: "(8) 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 to assist, or refinance

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PUBLIC LAW 93-386-AUG. 23, 1974

the existing indebtedness of, any small business concern seriously and adversely affected by a shortage of fuel, electrical energy, or energy-producing resources, or by a shortage of raw or processed materials resulting from such shortages, if the Administration determines that such concern has suffered or is likely to suffer substantial economic injury without assistance under this paragraph." (b) The first paragraph following the numbered paragraphs of section 7(b) of the Small Business Act is amended by striking out "or (7)," immediately following " (6), " and inserting in lieu thereof " (7), or (8),". SEC. 10. Section 5 of the Small Business Act is amended by adding at the end thereof the following new subsection: "(e) The Administrator shall designate an individual within the Administration to be known as the Chief Counsel for Advocacy and to perform the following duties: "(1) serve as a focal point for the receipt of complaints, criticisms, and suggestions concerning the policies and activities of the Administration and any other Federal agency which affects small businesses; "(2) counsel small businesses on how to resolve questions and problems concerning the relationship of the small business to the Federal Government; " (3) develop proposals for changes in the policies and activities of any agency of the Federal Government which will better fulfill the purposes of the Small Business Act and communicate such proposals to the appropriate Federal agencies; " (4) represent the views and interests of small businesses before other Federal agencies whose policies and activities may affect small businesses; and " (5) enlist the cooperation and assistance of public and private agencies, businesses, and other organizations in disseminating information about the programs and services provided by the Federal Government which are of benefit to small businesses, and information on how small businesses can participate in or make use of such programs and services.". SEC. 11. (a) The first sentence of section 411(c) of the Small Business Investment Act of 1958 is amended by inserting "administer this program on a prudent and economically justifiable basis and shall" immediately after "shall". (b) Section 411(c) of the Small Business Investment Act of 1958 is amended by adding at the end thereof the following: "Within 30 days after the date of enactment of this sentence and at monthly intervals thereafter, the Administration shall publish the cost of the program to the Administration for the month immediately preceding the date of publication. The Administration shall conduct a study of the program in order to determine what must be done to make the program economically sound. Within one year after the date of enactment of this sentence, the Administration shall transmit a report to Congress containing a detailed statement of the findings and conclusions of the study, together with its recommendations for such legislative and administrative actions as it deems appropriate.". SEC. 12. Section 7(a) of the Small Business Act is amended by adding at the end thereof the following new paragraph: "(8) During the fiscal year ending June 30, 1975, the Administrator shall make direct loans under this subsection in an aggregate amount of not less than $400,000,000.".

15 USC 636.

Chief Counssel for Advocacy, IS u s e 634. Duties.

15 USC 631 note.

15 USC 694b,

Program c o s t s, publication.

Study. Report to Congress.

15 USC 636.

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Page:Folk-lore - A Quarterly Review. Volume 10, 1899.djvu/82

 56 regulations concerning the distribution of food. He says: "Mr. Howitt does not say so." Mr. Lang has overlooked the passage, for Mr. Howitt does in effect say it. In the very paper which gives an account of Mungan-ngaur he tells us: "The Jeraeil [the mysteries of the Kurnai] and the Kuringal [those of the Murring] resemble each other in being intended to impress upon the youths a sense of responsibility as men, to implant in them by means of impressive ceremonies the feeling of obedience to the old men, and to the tribal moral code of which they are the depositories, and to ensure that, before the youth is permitted to take his place in the community, join in the councils, and marry, he shall be possessed of those qualifications which will enable him to act for the common welfare, and not only to support himself and a wife and family, but also to contribute a fair share to the general stock of food, to which his relatives are entitled in common with himself." If the mysteries are, as doubtless they are, traditional from a period long before money and tinned lobsters were known to the blackfellow, it is obvious that the precept must refer to the tribal regulations as to food. And, happily for Mr. Lang's satisfaction, Mr. Howitt is here explicit upon the point. Nor is he explicit only upon this point. He includes a general account of the common purpose of the mysteries both of the Kurnai and the Murring tribes which vindicates my criticism of them. I do not deny the existence of φιλία in Australian morals. What society could hold together without it? But the main purpose of the mysteries is different. It is discipline, the preservation of the social organisation; and that organisation is a savage one. If Mr. Lang merely meant that the blackfellows had "the elements of consideration for unprotected women, and of


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Page:United States Statutes at Large Volume 88 Part 1.djvu/794

 750 GAO a u d i t, s u b mittal to Congress. 15 USC 633 note.

PUBLIC LAW 93-387-AUG. 24, 1974

[88 STAT.

SEC. 13. The General Accounting Office is directed to conduct a fullscale audit of the Small Business Administration, including all field offices. This audit shall be submitted to the House and Senate not later than six months from the date of enactment of this Act. Approved August 23, 1974. Public Law 93-387

August 24, 1974 [S.3919]

Council on Wage and Price Stability Act. 12 USC 1904 note. Council on Wage and Price Stability. Establishment. 12 USC 1904 note.

5 USC 5315 note.

5 USC 5332 note. 5 USC 101 et seq.

E x p e r t s and consultants.

Duties. 12 USC 1904 note.

AN ACT To authorize the establishment of a Council on AVage and Price Stability.

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 "Council on Wage and Price Stability Act". SEC. 2. (a) The President is authorized to establish, within the Executive Office of the President, a Council on Wage and Price Stability (hereinafter referred to as the "Council"). (b) The Council shall consist of eight members appointed by the President and four adviser-members also appointed by the President. The Chairman of the Council shall be designated by the President. (c) There shall be a Director of the Council who shall be appointed by the President. The Director shall be compensated at the rate prescribed for level IV of the Executive Schedule by section 5315 of title 5, United States Code. The Director of the Council shall perform such functions as the President or the Chairman of the Council may prescribe. The Deputy Director shall perform such functions as the Chairman or the Director of the Council may prescribe. (d) The Director of the Council may employ and fix the compensation of such officers and employees, including attorneys, as are necessary to perform the functions of the Council at rates not to exceed the highest rate for grade 15 of the General Schedule under section 5332 of title 5, United States Code. Except that the Director, with the approval of the Chairman may, without regard to the provisions of title 5, United States Code, relating to appointments in the competitive service, appoint and fix the compensation of not to exceed five positions at the rates provided for grades 16, 17, and 18 of such General Schedule, to carry out the functions of the Council. (e) The Director of the Council may employ experts, expert witnesses, and consultants in accordance with the provisions of section 3109 of title 5, United States Code, and compensate them at rates not in excess of the maximum daily rate prescribed for grade 18 of the General Schedule under section 5332 of title 5, United States Code. (f) The Director of the Council may, with their consent, utilize the services, personnel, equipment, and facilities of Federal, State, regional, and local public agencies and instrumentalities, with or without reimbursement therefor, and may transfer funds made available pursuant to this Act to Federal, State, regional, and local public agencies and instrumentalities as reimbursement for utilization of such services, personnel, equipment, and facilities. SEC. 3. (a) The Council shall— (1) review and analyze industrial capacity, demand, supply, and the effect of economic concentration and anticompetitive practiceSj and supply in various sectors of the economy, working with the industrial groups concerned and appropriate governmental agencies to encourage price restraint; (2) work with labor and management in the various sectors of the economy having special economic problems, as well as with appropriate government agencies, to improve the structure of

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Page:United States Statutes at Large Volume 88 Part 1.djvu/795

 88 STAT. ]

PUBLIC LAW 93-387-AUG. 24, 1974

751

collective bar<^ainin^ and the performance of those sectors in restraining' prices; (3) improve wage and price data bases for the various sectors of the economy to improve collective bargaining and encourage price restraint; (4) conduct public hearings necessary to provide for public. P^blic hearscrutiny of inflationary problems in various sectors of the '"^^" economy; (5) focus attention on the need to increase productivity in both the public and private sectors of the economy; (6) monitor the economy as a whole by acquiring as appropriate, reports on wages, costs, productivity, prices, sales, profits, imports, and exports; and (7) review and appraise the various programs, policies, and activities of the departments and agencies of the United States for the purpose of determining the extent to which those programs and activities are contributing to inflation. (b) Nothing in this Act, (1) authorizes the continuation, imposition, or reimposition of any mandatory economic controls with respect to prices, rents, wages, salaries, corporate dividends, or any similar transfers, or (2) affects the authority conferred by the Emergency Petroleum Allocation Act of 1973. i s use 751 SEC. 4. (a) Any department or agency of the United States which "°I^' . ^. n.

J

ii

•

o

^

.

.

-

•(.

Economic d a t a,

collects, generates, or otherwise prepares or maintains data or mior- avaiiabiuty. mation pertaining to the economy or any sector of the economy shall, note. ^^^ ^^"'^ ^^^l upon the request of the Chairman of the Council, make that data or "" ° information available to the Council. (b) Disclosure of information obtained by the Council Irom sources other than Federal, State, or local government agencies and departments shall be in accordance with the provisions of section 552 of title 5, United States Code. (c) Disclosure by the Council of information obtained from a Federal, State, or local agency or department must be in accord with section 552 of title 5, United States Code, and all the applicable rules of practice and procedure of the agency or department from which the information was obtained. Confidential (d) Disclosure by a member or any employee of the Council of the information. confidential information as defined in section 1905 of title 18, United States Code, shall be a violation of the criminal code as stated therein. icome tax re(e) Consistent with the provisions of section 7213 of the Internal j^J^'^jiscios Revenue Code of 1954, nothing in this Act shall be construed as p"ohibuLn!"'^^' providing for or authorizing any Federal agency to divulge or to make 26 USC 7213. known to the Council the amount or source of income, profits, losses, expenditures, or any particular thereof, set forth or disclosed solely in any income return, or to permit any income tax return filed pursuant to the provisions of the Internal Revenue Code of 1954, thereof, to be ^^^6 USC 1 et seen or examined by the Council. ^^'^" SEC. 5. The Council shall report to the President, and through "him ^^^^^^3°"^ co^-*^^'" to the Congress, from time to time, concerning its activities, findings, gr^ss^" and recommendations with respect to the containment of inflation 12 USC 1904 and the maintenance of a vigorous and prosperous peacetime economy. "°'^ SEC. 6. There is hereby authorized to be appropriated not to exceed fl'^sc^rQCM" $1,000,000 for the fiscal year ending June 30, 1975, to carry out the note. purposes of this Act. SEC. 7. The authority granted by this Act terminates on August 15, Termination. 1975. note. Approved August 24, 1974.

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Page:United States Statutes at Large Volume 88 Part 1.djvu/796

 752

PUBLIC LAW 93-388-AUG. 24, 1974

[88 STAT.

Public Law 93-388 August 24, 1974 [H. R. 7218]

Holding ComuiTtoryAcT ^^^ D.c. Code 351901 note. D.C. Code 351901.

^ ^ ACT To improve the laws relating to the regulation of insurance companies in the District of Columbia.

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 "Holding Company System Regulatory Act". SEC. 2, DEFINITIONS.—As used in this Act, unless the context other. . ^'^^e requires— (a) "affiliate" (an "affiliate" of, or person '"affiliated" with a specific person), means a person that directly, or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with, the person specified; (b) "commissioner" means the Commissioner of the District of Columbia or his designated agent; (c) "control" (including the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonihanagement services, or otherwise, unless the i^ower is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if any person, directly or indirectly, owns, controls, holds with the power to vote, or holds proxies representing 10 per centum or more of the voting securities of any other person; (d) "District" means the District of Columbia; (e) "insurance holding company system" consists of two or more affiliated persons, one or more of which is an insurer; (f) "insurer" includes any company defined by section 2, chapter I, of the Life Insurance Act (D.C. Code, sec. 35-302) and by section 3, chapter I, of the F'ire and Casualty Act (D.C. Code, sec. 35-1303), authorized to do the business of insurance in the District, except that it shall not include agencies, authorities, or instrumentalities of the United States, its possessions and territories, the Commonwealth of Puerto Rico, the District of Columbia, or a State or political subdivision of a State; (g) "person" is an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity, or any combination of the foregoing acting in concert, but shall not include any securities broker performing no more than the usual and customary broker's function; (h) "securityholder" of a specified person is one who owns any security of such person, including common stock, preferred stock, debt obligations, and any other security convertible into or evidencing the right to acquire any of the foregoing; (i) "subsidiary" of a specified person is an affiliate controlled by such person clirectly, or indirectly through one or more intermediaries; and (j) "voting security" includes any security convertible into or evidencing a right to acquire a voting security.

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Page:United States Statutes at Large Volume 88 Part 1.djvu/797

 88 STAT. ]

PUBLIC LAW 93-388-AUG. 24, 1974 SUBSIDIARIES

OF

INSURERS

SEC. 3. (a) AUTHORIZATION.—Any domestic insurer, either by itself or in cooperation with one or more persons, may, subject to the limitation stated in subsection (b) of this section, organize or acquire one or more subsidiaries. Such subsidiaries may conduct any kind of business or businesses and their authority to do so shall not be limited by reason of the fact that they are subsidiaries of a domestic insurer. (b) LrMiTED ADDITIONAL INVESTMENT AUTHORITY.— (1) The total amount which a domestic insurer may invest in the common stock, preferred stock, debt obligations, and other securities of the subsidiaries referred to in subsection (a) of this section shall not exceed the lesser of (A) 5 per centum of such insurer's assets, or (B) in the case of a capital stock company, 50 per centum of the excess of its capital, surplus, and contingency reserves over the then required statutory minimum capital and surplus, or, in the case of a mutual company, 50 per centum of the excess of its surplus and contingency reserves over the then required statutory minimum surplus. (2) In calculating the amount of such investments, there shall be included (A) total net moneys or other consideration expended and obligations assumed in the acquisition or formation of a subsidiary, including all organizational expenses and contributions to capital and surplus of such subsidiary, whether or not represented by the purchase of capital stock or issuance of other securities, and (B) all amounts expended in acquiring additional common stock, preferred stock, debt obligations, and other securities, and all contributions to the capital or surplus of a subsidiary subsequent to its acquisition or formation. (c)

753

D.C. Code 351902.

EXEMPTIONS FROM INVESTMENT RESTRICTIONS.—The invest-

ments permitted under this section shall be in addition to the investments in common stock, preferred stock, debt obligations, and other securities permitted under sections 35 and 41 of chapter III of the Life Insurance Act (D.C. Code, secs. 35-535 and 35-541) and section 18, chapter II, of the Fire and Casualty Act (D.C. Code, sec. 35-1321), and the investments under this section shall not be subject to any of the otherwise applicable restrictions or prohibitions contained in the aforesaid sections of law applicable to such investments of insurers. (d) QUALIFICATIONS or INVESTMENT: W H E N DETERMINED.—Whether

any investment pursuant to this section meets the applicable requirements thereof is to be determined immediately after such investment is made, taking into account the then outstanding principal balance of all previous investments and debt obligations and the value of all previous investments in equity securities as of the date of the new investment. (e) CESSATION OF CONTROL.—If an insurer ceases to control a subsidiary, it shall dispose of any investment therein made pursuant to this section within three years from the time of the cessation of control or within such further time as the Commissioner may prescribe, unless at any time after such investment was made, such investment meets the requirements for investment under sections 35 and 41, chapter III, of the Life Insurance Act (D.C. Code, secs. 35-535 and 35-541) and section 18, chapter II, of the Fire and Casualty Act (D.C. Code, sec. 35-1521), and the insurer has notified the Commissioner thereof. ACQUISITION OF CONTROL OF OR MERGER WITH DOMESTIC INSURER

4. (a) FILING REQUIREMENTS.—No person other than the issuer shall make a tender offer for or a request or invitation for tenders of, SEC.

D.C. Code 351903.

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Page:United States Statutes at Large Volume 88 Part 1.djvu/798

 754

F i n a n c i a l information.

PUBLIC LAW 93-388-AUG. 24, 1974

[88 STAT.

or enter into any agreement to exchange securities for, seek to acquire, or acquire, in the open market or otherwise, any voting security of a domestic insurer if. after the consummation thereof, such person would directly or indirectly (or by conversion or by exercise of any right to acquire) be in control ot such insurer, and no person shall enter into an agreement to merge with or otherwise to ac(i[uire control of a domestic insurer, unless, at the time any such offer, request, or invitation is made or any such agreement is entered into, or prior to the acquisition of such securities if no offer or agreement is involved, such person has filed with the Commissioner and has sent to such insurer, and such insurer has sent to its shareholders, a statement containing the information required by this section and such offer, request, invitation, agreement, or acquisition has been approved by the Commissioner in the manner hereinafter prescribed. For purposes of this section a domestic insurer shall include any other person controlling a domestic insurer unless such other person is either directly or through its affiliates primarily engaged in business other than the business of insurance. (b) CONTENT OF STATEMENT.-—The statement to be filed with the Commissioner hereunder shall be made under oath or affirmation and shall contain the following information: (1) The name and address of each person by whom or on whose behalf the merger or other acquisition of control referred to in subsection (a) is to be effected (hereinafter called "acquiring party"), and (A) If such person is an individual, his principal occupation and all offices and positions held during the past five years, and any conviction of crimes other than minor traffic violations during the past ten years; (B) If such person is not an individual, a report of the nature of its business operations during the past five years or for such lesser period as such person and any predecessors thereof shall have been in existence; an informative description of the business intended to be done by such person and such person's subsidiaries; and a list of all individuals who are or who have been selected to become directors or executive officers of such person, or who perform or will perform functions appropriate to such positions. Such list shall include for each such individual the information required by subparagraph (A) of this subsection. (2) The source, nature, and amount of the consideration used or to be used in effecting the merger or other acquisition of control, a description of any transaction wherein funds were or are to be obtained for any such purpose, and the identity of persons furnishing such consideration: Provided, That where a source of such consideration is a loan made in the lender's ordinary course of business, the identity of the lender shall remain confidential, if the person filing such statement so requests. (3) Fully audited financial information as to the earnings and financial condition of each acquiring party for the preceding five fiscal years of each such acquiring party (or for such lesser period as such acquiring party and any predecessors thereof shall have been in existence), and similar unaudited information as of a date not earlier than ninety days prior to the filing of the statement. (4) Any plans or proposals which each acquiring party may have to liquidate such insurer, to sell its assets or merge or consolidate it with any person, or to make any other material change in its business or corporate structure or management. (5) The number of shares of any security referred to in subsection (a) which each acquiring party proposes to acquire, and the terms of

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Page:United States Statutes at Large Volume 88 Part 1.djvu/799

 88

STAT.]

755

PUBLIC LAW 93-388-AUG. 24, 1974

the offer, request, invitation, agreement, or acquisition referred to in subsection (a), and a statement as to the method by which the fairness of the proposal was arrived at. (6) The amount of each class of any security referred to in subsection (a) which is beneficially owned or concerning which there is a right to acquire beneficial ownership by each acquiring party. (7) A full description of any contracts, arrangements, or understandings with respect to any security referred to in subsection (a) in which any acquiring party is involved, including but not limited to transfer of any of the securities, joint ventures, loan or option arrangements, puts or calls, guarantees of loans, guarantees against loss or guarantees of profits, division of losses or profits, or the giving or withholding of proxies. Such description shall identify the persons with whom such contracts, arrangements, or understandings have been entered into. (8) A description of the purchase of any security referred to in subsection (a) during the twelve calendar months preceding the filing of the statement, by any acquiring party, including the dates of purchase, names of the purchasers, and consideration paid or agreed to be paid therefor. (9) A description of any recommendations to purchase any security referred to in subsection (a) made during the twelve calendar months preceding the filing of the statement, by any acquiring party, or by anyone based upon interviews or at the suggestion of such acquiring party. (10) Copies of all tender ofiers for, requests or invitations for tenders of exchange offers for, and agreements to acquire or exchange any securities referred to in subsection (a), and (if distribtited) of additional soliciting material relating thereto. (11) The terms of any agreement, contract, or understanding made with any broker-dealer as to solicitation of securities referred to in subsection (a) for tender, and the amount of any fees, commissions, or other compensation to be paid to broker-dealers with regard thereto. (12) Such additional information as the Commissioner may by rule or regulation prescribe as necessary or appropriate for the protection of policyholders and securityholders of the insurer or in the public interest. If the person required to file the statement referred to in subsection (a) is a partnership, limited partnership, syndicate, or other group, the Commissioner may require that the information called for by paragraphs (1) through (12) shall be given with respect to each partner of such partnership or limited partnership, each member of such syndicate or group, and each person who controls such partner or member. If any such partner, member, or person is a corporation or the person required to file the statement referred to in subsection (a) is a corporation, the Commissioner may require that the information called for by paragraphs (1) through (12) shall be given with respect to such corporation, each officer and director of such corporation, and each person who is directly or indirectly the beneficial owner of more than 10 per centum of the outstanding voting securities of such corporation. If any material change occurs in the facts set forth in the statement filed with the Commissioner and sent to such insurer pursuant to this section, an amendment setting forth such change, together with copies of all documents and other material relevant to such change, shall be filed with the Commissioner and sent to such insurer within two business days after the person learns of such change. Such insurer shall send such amendment to its shareholders. (c) ALTERNATIVE F I L I N G MATERIALS.—If any offer, request, invitation, agreement, or acquisition referred to in subsection (a) is proposed to be made by means of a registration statement under the

Contracts.

Security purchases.

Agreement with broker-dealer.

Additional information.

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Page:United States Statutes at Large Volume 88 Part 1.djvu/800

 756 15 USC vsa!

PUBLIC LAW 93-388-AUG. 24, 1974

Securities Act of 1933 or in circumstances requiring the disclosure of similar information under the Securities Exchange Act of 1934, or under a State law requiring similar registration or disclosure, the person required to file the statement referred to in subsection (a) may utilize such documents in furnishing the information called for by that statement. (d)

Notice.

[88 STAT.

APPROVAL BY COMMISSIONER; HEARINGS.—

(1) The Commissioner shall approve any merger or other acquisition of control referred to in subsection (a) unless, after a public hearing thereon, he finds that: (A) After the change of control the domestic insurer referred to in subsection (a) would not be able to satisfy the requirements for the issuance of a license to write the line or lines of insurance for which it is presently licensed; (B) The effect of the merger or other acquisition of control would be substantially to lessen competition in insurance in the District or tend to create a monopoly therein; (C) The financial condition of any acquiring party is such as might jeopardize the financial stability of the insurer, or prejudice the interest of its policyholders or the interests of any remaining security holders who are unaffiliated with such acquiring party; (D) The terms of the offer, request, invitation, agreement, or acquisition referred to in subsection (a) are unfair and unreasonable to the securityholders of the insurer; (E) The plans or proposals which the acquiring party has to liquidate the insurer, sell its assets or consolidate or mer^e it with any person, or to make any other material change in its business or corporate structure or management, are unfair and unreasonable to policyholders of the insurer and not in the public interest; or (F) The competence, experience, and integrity of those persons who would control the operation of the insurer are such that it would not be in the interest of policyholders of the insurer or of the public to permit the merger or other acquisition of control. (2) The public hearing referred to in paragraph (1) shall be held within thirty days after the statement required by subsection (a) is filed, and at least twenty days' notice thereof shall be given by the Commissioner to the person filing the statement. Not less than seven days' notice of such public hearing shall be given by the person filing the statement to the insurer and to such other person as may be designated by the Commissioner. The insurer shall give such notice to its securityholders. The commissioner shall make a determination within thirty days after the conclusion of such hearing. At such hearing, the person filing the statement, the insurer, any person to whom notice of hearing was sent, and any other person whose interests may be affected thereby shall have the right to present evidence, examine and cross-examine witnesses, and offer oral and written arguments, and in connection therewith shall be entitled to conduct discovery proceedings in the same manner as is presently allowed in the Superior Court of the District of Columbia. All discovery proceedings shall be concluded not later than three days prior to the commencement of the public hearing. (e) MAILINGS TO SHAREHOLDERS; PAYMENT OF EXPENSES.—All statements, amendments, or other material filed pursuant to subsection (a) or (b), and all notices of public hearings held pursuant to subsection (d), shall be mailed by the insurer to its shareholders within five busi-

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Page:United States Statutes at Large Volume 88 Part 1.djvu/801

 88 STAT. ]

PUBLIC LAW 93-388-AUG. 24, 1974

757

ness days after the insurer has received such statements, amendments, other material, or notices. The expenses of mailing shall be borne by the person making the filing. As security for the payment of such expenses, such person shall file with the Commissioner an acceptable bond or other deposit in an amount to be determined by the Commissioner, (f) EXEMPTIONS.—The provisions of this section shall not apply to— (1) any offers, requests, invitations, agreements, or acquisitions by the person referred to in subsection (a) of any voting security referred to in subsection (a) which, immediately prior to the consummation of such offer, request, invitation, agreement, or acquisition, was not issued and outstanding; (2) any offer, request, invitation, agreement, or acquisition if, under the terms thereof, the consummation of the transaction contemplated thereunder would result in the ownership by security holders of the domestic insurer of stock processing at least 80 per centum of the total combined voting power of all classes of stock of the acquiring party entitled to vote, or at least 80 per centum of the total combined voting power of all classes of stock of the person in control of the acquiring party entitled to vote; and (3) any offer, request, invitation, agreement, or acquisition which the Commissioner by order shall exempt therefrom as (A) not having been made or entered into for the purpose and not having the effect of changing or influencing the control of a domestic insurer, or (B) as otherwise not comprehended within the purposes of this section. (g) VIOLATIONS.—The following shall be violations of this section: (1) The failure to file any statement, amendment, or other material required to be filed pursuant to subsection (a) or (b); or (2) The effectuation or any attempt to effectuate an acquisition of control of, or merger with, a domestic insurer unless the Commissioner has given his approval thereto. (h)

JURISDICTION; CONSENT TO SERVICE OF PROCESS.—The Superior

Court of the District of Columbia is hereby vested with jurisdiction over every person not resident, domiciled, or authorized to do business in the District who files a statement with the Commissioner under this section, and over all actions involving such person arising out of violations of this section, and each such person shall be deemed to have performed acts equivalent to and constituting an appointment by such a person of the Commissioner to be his true and lawful attorney upon whom may be served all lawful process in any action, suit, or proceeding arising out of violations of this section. Copies of all such lawful process shall be served on the Commissioner and transmitted by registered or certified mail by the Commissioner to such person at his last known address. REGISTRATION or INSURERS

SEC. 5. (a) REGISTRATION,—Every insurer which is authorized to do ^•^- <^°^« ^^• business in the District and which is a member of an insurance hold- '^°'*' ing company system shall register with the Commissioner, except a foreign insurer subject to disclosure requirements and standards adopted by statute or regulation in the jurisdiction of its domicile which are substantially similar to those contained in this Act. Any insurer which is subject to registration under this section shall register within sixty days after the effective date of this Act or fifteen days after it becomes subject to registration, whichever is later, unless the Commissioner for good cause shown extends the time for registration.

38-194 O - 76 - 51 Pt. 1

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Page:The Eurypterida of New York Volume 1.pdf/81

 shoveling edge, the dorsal or subapical position of the lateral eyes, as in Limulus, which would allow them to project above the mud, the peculiarly long, mobile and yet strong articulation of the carapace and first body segment, and the spiniform telson.

It has been particularly pointed out by Holm [ op. cit. p. 9] that in  the articulation between the carapace and the preabdomen must have been one of great mobility, as indicated by the broad slit, closed only by a membrane between the lateral fulcra. This connection was nevertheless so strong that the first preabdominal segment is most frequently found attached to the carapace in dismembered specimens. These facts suggest that Eurypterus may have been able to use the articulation between the carapace and the abdomen somewhat like Limulus in pushing itself through the mud, a process which would be aided by the tail spine.

On the other hand, there is good evidence that the species of Eurypterus were able swimmers. We have elsewhere cited Holm's description of the adaptation of the swimming legs in, evident in the sharp anterior keel of the organ and the arrangement of the articulation allowing the turning of the oar blade into a vertical position. Still more conclusive is the preceding pair of spineless slender legs, which would seem to have no other function than to serve as balancers and aid in swimming.

The combined evidence of the characters of Eurypterus is that it was a still little specialized, primitive genus, not yet wholly adapted to either crawling, digging or swimming, but could perform all these functions and was on the whole a sluggish animal. As it is not provided with strong organs of offense, it probably lived on worms or carrion.

There are certain species of this genus, such as, which are distinguished by a remarkably slender form. As a rule these also have the eyes far forward on the small carapace. Their form indicates that they were more inclined to a swimming habit. Others have the broad head of a catfish and seem well adapted to resting on the mud and there


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 Rh regard for marriage," and that the resemblance of the foodrestrictions and so forth to Leviticus was that there were taboos in both, I can only »ay that the resemblance is hardly greater than that between Macedon and Monmouth, and that he expressed himself unfortunately by his parenthetical quotations, and his allegation that "much of the Decalogue and a large element of Christian ethics are divinely sanctioned in savage religion."

There are many more points in Mr. Lang's Reply to which I should like to refer. I must content myself, however, with inviting a careful comparison, by readers who are interested in the subject, of that reply with the chapters in The Making of Religion and my criticisms thereon. Such readers will not assume that contentions I have passed over in silence are not amenable to an effective rejoinder. I have been compelled to frame my observations for the most part in general terms; but I think they will apply to all the more important details discussed by Mr. Lang. We always read with pleasure and instruction what he writes. It would be impertinent in me to offer words of praise to a master of literary exposition and controversy, to whom the science of anthropology owes so much. His foregoing Reply, whether sufficient or (as I venture to think) not, displays all his entertaining skill and geniality. After all, I do not desire, and I am sure he does not desire, victory, but truth. "More facts and more careful criticism" are, as he says, what we want. In scientific inquiry a dialectic triumph may be a disaster.


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[88 STAT.

and then within such extended time. The Commissioner may require any authorized insurer which is a member of a holding company system which is not subject to registration under this section to furnish a copy of the registration statement or other information filed by such insurance company with the insurance regulatory authority of its domiciliary jurisdiction. (b) INFORMATION AND FORM REQUIRED.—Every insurer subject to

registration shall file a registration statement on a form provided by the Commissioner, which shall contain current information about— (1) the capital structure, general financial condition, ownership, and management of the insurer and any person controlling the insurer; (2) the identity of every member of the insurance holding company system; (3) the following agreements in force, relationships subsisting, and tr-ansactions currently outstanding between such insuriM- and its affiliates; (A) loans, other investments, or purchases, sales or exchanges or securities of the affiliates by the insurer or of the insurer by its affiliates; (B) purchases, sales, or exchanges of assets; (C) transactions not in the ordinary course of business; (D) guarantees or undertakings for the benefit of an affiliate which result in an actual contingent exposure of the insurer's assets to liability, other than insurance contracts entered into in the ordinary course of the insurer's business; (E) all management and service contracts and all costsharing arrangements, other than cost allocation arrangements based upon generally accepted accounting principles; and (F) reinsurance agreements covering all or substantially all of one or more lines of insurance of the ceding company. (4) other matters concerning transactions between registered insurers and any affiliates as may be included from time to time in any registration forms adopted or approved by the Commissioner. (c) MATERIALITY.—No information need be disclosed on the registration statement filed pursuant to subsection (b) if such information is not material for the purposes of this section. Unless the Commissioner by rule, regulation, or order provides otherwise, sales, purchases, exchanges, loans, or extensions of credit, or investments, involving one-half of 1 per centum or less of an insurer's admitted assets as of the thirty-first day of December next preceding shall not be deemed material for purposes of this section. (d) AMENDMENTS TO REGISTRATION STATEMENTS.—Each registered insurer shall keep current the information required to be disclosed in its registration statement by reporting all material changes or additions on amendment forms provided by the Commissioner within fifteen days after the end of the month in which it learns of each such change or addition: Provided, That subject to subsection (c) of section 6, each registered insurer shall so report all dividends and other distributions to shareholders within two business days following the declaration thereof. (e) TERMINATION OF REGISTRATION.—The Commissioner shall terminate the registration of any insurer which demonstrates that it no lon.o-er is a member of an insurance holding company system. (f)

CONSOLIDATED FILING.—The Commissioner

may

require

or

allow two or more affiliated insurers subject to registration hereunder to file a consolidated registration statement or consolidated reports

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amending their consolidated registration statement or their individual registration statements. (g) ALTERNATIVE REGISTRATION.—The Commissioner may allow an insurer which is authorized to do business in the District and which is part of an insurance holding company system to register on behalf of any affiliated insurer which is required to register under subsection (a) and to file all information and material required to be filed under this section. (h) EXEMPTIONS.—The provisions of this section shall not apply to any insurer, information, or transaction if and to the extent that the Commissioner by rule, regulation, or order shall exempt the same from the provisions of this section. (i) DISCLAIMER.—The presumption of control as defined by section 2(c), may be rebutted by a showing made in the manner herein provided that control does not exist in fact. The Commissioner may determine, after furnishing all persons in interest notice and an opportunity to be heard and making specific findings of fact to support such determination, that control exists in fact, notwithstanding the absence of a presumption to that effect. Any person may file with the Commissioner a disclaimer of affiliation with any authorized insurer or such a disclaimer may be filed by such insurer or any member of an insurance holding company system. The disclaimer shall fully disclose all material relationships and bases for affiliation between such person and such insurer as well as the basis for disclaiming such affiliation. After a disclaimer has been filed, the insurer shall be relieved of any dut}' to register or report under this section which may arise out of the insurer's relationship with such person unless and until the Commissioner disallows the disclaimer. The Commissioner shall disallow such a disclaimer only after furnishing all parties in interest with notice and opportunity to be heard and after making specific findings of fact to support such disallowance. (j) VIOLATIONS.—The failure to file a registration statement or any amendment thereto required by this section within the time specified for such filing shall be a violation of this section. STANDARDS D.C. SEC. 6. (a) TRANSACTIONS W I T H AFFILIATES.—Material transactions 1905. Code 35-

by registered insurers with their affiliates shall be subject to the following standards: (1) the terms shall be fair and reasonable; (2) the books, accounts, and records of each party shall be so maintained as to clearly and accurately disclose the precise nature and details of the transactions; and (3) the insurer's surplus as regards policyholders following any dividends or distributions to shareholder affiliates shall be reasonable in relation to the insurer's outstanding liabilities and adequate to its financial needs. (b) ADEQUACY OF SURPLUS.—For the purposes of this section in determining whether an insurer's surplus as regards policyholders is reasonable m relation to the insurer's outstanding liabilities and adequate to its financial needs, the following factors, among others, shall be considered: (1) the size of the insurer as measured by its assets, capital and surplus, reserves, premium writings, insurance in force, and other appropriate criteria: (2) the extent to which the insurer's business is diversified among the several lines of insurance; (8) the number and size of risks insured in each line of business;

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[88 STAT.

(4) the extent of the geographical dispersion of the insurer's insured risks; (5) the nature and extent of the insurer's reinsurance program; (6) the quality, diversification, and liquidity of the insurer's investment portfolio; (7) the recent past and projected future trend in the size of the insurer's surplus as regards policyholders; (8) the surphis as regards policyholders maintained by other comparable insurers; (9) the adequacy of the insurer's reserves; and (10) the quality and liquidity of investments in subsidiaries made pursuant to section 3. The Commissioner may treat any such investment as a disallowed asset for purposes of determining the adequacy of surplus as regards policyholders whenever in his judgment such investment so warrants. (c) DIVIDENDS AND OTHER DISTRIBUTIONS.— (1) No insurer subject to registration under section 5 shall pay any extraordinary dividend or make any other extraordinary distribution to its shareholders until (A) thirty days after the Commissioner has received notice of the declaration thereof and has not within such period disapproved such payment, or (B) the Commissioner shall have approved such payment within such thirty-day period. (2) For purposes of this section, an extraordinary dividend or distribution includes any dividend or distribution of cash or other property, whose fair market value together with that of other dividends or distributions made within the preceding twelve months exceeds the greater of (A) 10 per centum of such insurer's surplus as regards policyholder's as of the thirty-first day of December next preceding or (B) the net gain from operations of such insurer, if such insurer is a life insurer, or the net investment income, if such insurer is not a life insurer, for the twelve-month period ending the thirty-first day of December next preceding, but shall not include pro rata distributions of any class of the insurer's own securities. (3) Notwithstanding any other provision of law, an insurer may declare an extraordinary dividend or distribution which is conditional upon the Commissioner's approval thereof, and such a declaration shall confer no rights upon shareholders until (A) the Commissioner has approved the payment of such dividend or distribution or (B) the Commissioner has not disapproved such payment within the thirtyday period referred to above. EXAMINATION

D.c. Code 35^^°^-

^^^, Y. (a) POWER OF (COMMISSIONER.—Subject to the limitation contained in this section and in addition to the powers which the Commissioner has under the insurance laws of the District relating to the examination of insurers, the Commissioner shall also have the power to order any insurer registered under section 5 to produce such records, books, papers, or other information in the possession of the insurer or its affiliates as shall be necessary to ascertain the financial condition or legality of conduct of such insurer. I n the event such insurer fails to comply with such order, the Commissioner shall have the power to examine such affiliates to obtain such information. (b) PURPOSE AND LIMITATION OF EXAMINATION.—The Commissioner shall exercise his power under subsection (a) only if the examination of the insurer under and as is provided for by the insurance laws of the District is inadequate or the interests of the policyholders of such insurer may be adversely affected. (c) U S E OF CONSULTANTS.—The Commissioner may retain at the

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registered insurer's expense such attorneys, actuaries, accountants, and other experts not otherwise a part of the Commissioner's staff as shall be reasonably necessary to assist in the conduct of the examination under subsection (a). Any persons so retained shall be under the direction and control of the Commissioner and shall act in a purely advisory capacity. (d) EXPENSES.—Each registered insurer producing for examination records, books, and papers pursuant to subsection (a) shall be liable for and shall pay the expense of such examination in accordance with the provisions of section 19, chapter II, of the Life Insurance Act (D.C. Code, sec. 35-418) and section 10, chapter II, of the Fire and Casualty Act (D.C. Code, sec. 35-1313), pertaining to examination expense. SEC. 8. CONFIDENTIAL TREATMENT.—All information, documents, D.C. code 35and copies thereof obtained by or disclosed to the Commissioner or ^^°^* any other person in the course of an examination or investigation made pursuant to section 7 and all information reported pursuant to section 5, shall be given confidential treatment and shall not be subject to subpena and shall not be made public by the Commissioner or any other person, except to insurance departments of other States, without the prior written consent of the insurer to which it pertains unless the Commissioner, after giving the insurer and its affiliates who would be affected thereby, notice and opportunity to be heard, determines that the interests of policyholders, shareholders, or the public will be served by the publication thereof, in which eA^ent he may publish all or any part thereof in such manner as he may deem appropriate. SEC. 9. RULES AND REGULATIONS.—The Commissioner may, upon ^ ^^-J^- '^°'^^ ^snotice and opportunity of all interested persons to be heard, issue such 1908. rules, regulations, and orders as shall be necessary to carry out the provisions of this Act, INJUNCTIONS; PROHIBITIONS AGAINST VOTING SECURITIES; SEQUESTRATION OF VOTING SECURITIES

10. (a) INJUNCTIONS.—Whenever it appears to the Commis- ^^Q'^' '^°'^^ ^^' sioner that any insurer or any director, officer, employee or agent thereof has committed or is about to commit a violation of this Act or of any rule, regulation, or order issued by the Commissioner hereunder, the Commissioner may apply to the Superior Court of the District of Columbia for an order enjoining such insurer of such director, officer, employee, or agent thereof from violating or continuing to violate this Act or any such rule, regulation, or order, and for such other equitable relief as the failure of the case and the interests of the insurer's policyholders, creditors, shareholders, or the public may require. (b) VOTING OF SECURITIES; W H E N PROHIBITED.—No security which is the subject of any agreement or arrangement regarding acquisition, or which is acquired or to be acquired, in contravention of the provisions of this Act or of any rule, regulation, or order issued by the Commissioner hereunder may be voted at any shareholders' meeting, or may be counted for quorum purposes, and any action of shareholders requiring the affirmative vote of a percentage of shares may be taken as though such securities were not issued and outstanding; but no action taken at any such meeting shall be invalidated by the voting of such securities, unless the action would materially affect control of the insurer or unless the Superior Court of the District of Columbia has so ordered. If an insurer or the Commissioner has reason to believe that any security of the insurer has been or is about to be acquired in contravention of the provisions of this Act or of any rule, regulation, SEC.

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[88 STAT.

or order issued by the Commissioner hereunder the insurer or the Commissioner may apply to the Superior Court of the District of Columbia to enjoin any offer, request, invitation, agreement, or acquisition made in contravention of section 4 of any rule, regulation, or order issued by the Commissioner thereunder to enjoin the voting of any security so acquired, to void any vote of such security already cast at any meeting of shareholders, and for such other equitable relief as the nature of the case and the interests of the insurer's policyholders, creditors, shareholders, or the public may require. (c) SEQUESTRATION or VOTING SECURITIES.—In any case where a person has or is proposing to acquire any voting securities in violation of this Act or any rule, regulation, or order issued by the Commissioner hereunder, the Superior Court of the District of Columbia may, on such notice as the court deems appropriate, upon the application of the insurer or the Commissioner seize or sequester any voting securities of the insurer owned directly or indirectly by such person, and issue such orders with respect thereto as may be appropriate to effectuate the provisions of this Act. Notwithstanding any other provisions of law, for the purposes of this Act the situs of the ownership of the securities of domestic insurers shall be deemed to be in the District. 19^0^" ^"'^^ ^^' ^^^- ^^' CRIMINAL PROCEEDINGS.—Whenever it appears to the Commissioner that any insurer or any director, officer, employee, or agent thereof has committed a willful violation of this Act, the Commissioner may cause criminal proceedinsfs to be instituted in the District against such insurer or the responsible director, officer, employee, or Penalty. agcut thereof. Any insurer which willfully violates this Act may be fined not more than $1,000. Any individual who willfully violates this Act may be fined not more than $1,000 or, if such willful violation involves the deliberate perpetration of a fraud upon the Commissioner, imprisoned not more than two years or both. D.C. Code 35 SEC. 12. RECEIVERSHIP.—Whenever it appears to the Commissioner 1911. that any person has committed a violation of this Act which so impairs the financial condition of a domestic insurer as to threaten insolvency or make the further transaction of business by it hazardous to its policyholders, creditors, shareholders, or the public, the Commissioner may proceed as provided under the insurance laws of the District to take possession of the property of such domestic insurer and to conduct the business thereof. D.C. Code 351912

L.C 1913.

Code 3 5 -

D. C Code 11501 note.

gj,^,

l^

REVOCATION, SUSPENSION, OR N O N - R E N E W A L OF I N S U R E R ' S

LICENSE.—Whenever it appears to the Commissioner that any person has committed a violation of this Act which ma]\es the continued operation of an insurer contrary to the interests of policyholders or the public, the Commissioner may, after giving notice and an opportunity to be heard, suspend, revoke, or refuse to renew such insurer's license or authority to do business in the District for such period as he finds is required for the protection of policyholders or the public. Any such determination shall be accompanied by specific findings of fact and conclusions of law. SEC. 14. JUDICIAL REVIEW; MANDAMUS.—(a) Any person aggrieved by any act, determination, rule, regulation, or order or any other action of the Commissioner pursuant to this Act may appeal therefrom to the District of Columbia Court of Appeals, in accordance with the District of Columbia Administrative Procedure Act. (b) Any person aggrieved by any failure of the Commissioner to act or make a determination required by this Act may petition the Superior Court of the District of Columbia for a writ in the nature of a mandamus or a peremptory mandamus directing the Commissioner to act or make such determination forthwith.

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PUBLIC LAW 93-390-AUG. 27, 1974

SEC. 15. CONFLICT W I T H OTHER LAWS.—^AU laws and parts of laws

763 D.C. Code 351914.

of the District inconsistent with this Act are hereby superseded with respect to matters covered by this Act. SEC. 16. SEPARABILITY OF PROVISIONS.—If any provision of this Act D.C. code asor the application thereof to any person or circumstance is held ^ ^^' invalid, the invalidity shall not affect other provisions or applications of this Act which can be given effect without the invalid provision or application, and for this purpose the provisions of this Act are separable. SEC. 17. EFFECTIVE DATE.—This Act shall take effect thirty d:.ys ^•'^' ^"'^^ ^safter the date of its enactment. ^^° ^ "°*^' Approved August 24, 1974. Public Law 93-389 AN ACT To extend for three years the District of Columbia Medical and Dental Manpower Act of 1970.

August 24, 1974 [H. R. iiios]

Be it enacted by the /Senate and House of Representatives of the United /States of America in Congress assembled, That (a) section District of Co303 (c) of the District of Columbia Medical and Dental Manpower Act lumbia Medical and Dental Manof 1970 (D.C. Code, sec. 31-922(c)) is amended to read as follows: P^wer Act of "(c) There are authorized to be appropriated such sums as may be ^^^°' extension. necessary for the fiscal years ending June 30, 1975, and June 30, 1976, to make grants under this section.". (b) Section 303(b) of such Act is amended by striking out "section 772 of the Public Health Service Act (42 U.S.C. 295f-2)" and inserting in lieu thereof "section 773 of the Public Health Service Act". ^2 USC 295f-3. Approved August 24, 1974. Public Law 93-390 AN ACT To amend the title of the Foreign Assistance Act of 1961 concerning the Overseas Private Investment Corporation to extend the authority for the Corporation, to authorize the Corporation to issue reinsurance, to terminate certain activities of the Corporation, and for other purposes.

August 27. 1974 [s. 2957]

Be it enacted by the Senate and House of Representatives of the Overseas Prilinited States of America in Congress assembled, That this Act may vate Investment be cited as the "Overseas Private Investment Corporation Amendments corporation Act

of 1974".

Amendments Act

SEC. 2. Title IV of chapter 2 of part I of the Foreign Assistance Act ° 22^us'c 2191 of 1961 (22 U.S.C. 2191-2200a) is amended as follows: n°te. (1) I n section 231— 22 USC 2191. (A) in the first sentence, strike out "progress" and insert in lieu thereof "development";

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text: Dictionary of National Biography, 1885-1900/Wilkes, John


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(B) strike out clause (a) and insert in lieu thereof the follow" (a) to conduct financing, insurance, and reinsurance operations on a self-sustaining basis, taking into account in its financing operations the economic and financial soundness of projects;"; (C) in clause (d) strike out ", when appropriate,", and insert after "efforts to share its insurance" the following: "and reinsurance"; (D) strike out clause (e) and insert in lieu thereof the follow-

22 USC 2194.

"(e) to give preferential consideration in its investment insurance, financing, and reinsurance activities (to the maximum extent practicable consistent with the Corporation's purposes) to investment projects involving businesses of not more than $2,500,000 net worth or with not more than $7,500,000 in total assets;"; (E) in clause (i), after "balance-of-payments" insert "and employment"; (F) in clause (j), strike out "and" after the semicolon; (G) at the end of clause (k), strike out the period and insert in lieu thereof a semicolon; and (H) add at the end thereof the following new clauses: "(1) to the maximum extent practicable, to give preferential consideration in the Corporation's investment insurance, financing, and reinsurance activities to investment projects in the less developed friendly countries which have per capita incomes of $450 or less in 1973 United States dollars; and " (m)(1) to decline to issue any contract of insurance or reinsurance, or any guaranty, or to enter into any agreement to provide financing for an eligible investor's proposed investment if the Corporation determines that such investment is likely to cause such investor (or the sponsor of an investment project in which such investor is involved) significantly to reduce the number of his employees in the United States because he is replacing his United States production with production from such investment which involves substantially the same product for substantially the same market as his United States production; and (2) to monitor conformance with the representations of the investor on which the Corporation relied in making the determination required by clause (1)." (2) Section 234 is amended— (A) by striking out the section caption and inserting in lieu thereof the following: "INVESTMENT INSURANCE AND OTHER PROGRAMS";

(B) by striking out subsection (a)(2) and inserting in lieu thereof the following: "(2) Kecognizing that major private investments in less developed friendly countries or areas are often made by enterprises in which there is multinational participation, including significant United States private participation, the Corporation may make arrangements with foreign governments (including agencies, instrumentalities, or

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STAT.]

PUBLIC LAW 93-390-AUG. 27, 1974

political subdivisions thereof) or with multilateral organizations and institutions for sharing liabilities assumed under investment insurance for such investments and may in connection therewith issue insurance to investors not otherwise eligible hereunder, except that liabilities assumed by the Corporation under the authority of this subsection shall be consistent with the purposes of this title and that the maximum share of liabilities so assumed shall not exceed the proportionate participation by eligible investors in the total project financing, and that the maximum share of liabilities so assumed under paragraph (1)(A) and (B) or paragraph (1)(C) shall not exceed the Corporation's proportional share for such liabilities as specified in paragraph (4) or (5) of this subsection." (C) by adding at the end of subsection (a) thereof the following new paragraphs: "(4)(A) It is the intention of Congress that the Corporation achieve participation by private insurance companies, multilateral organizations, or others in liabilities incurred in respect of the risk? referred to in paragraph (1)(A) and (B) of this subsection under contracts issued on and after January 1, 1975, of at least 25 per centum, and, under contracts issued on and after January 1, 1978, of at least 50 per centum. If for good reason it is not possible for the Corporation to achieve either such percentage of participation, the Corporation shall report in detail to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives the reasons for its inability to achieve either such percentage of participation, and the date by which such percentage is to be achieved. " (B) The Corporation shall not participate as insurer under contracts of insurance issued after December 31, 1979, in respect of the risks referred to in paragraph (1)(A) and (B) of this subsection unless Congress by law modifies this paragraph. "(5)(A) It is the intention of Congress that the Corporation achieve participation by private insurance companies, multilateral organizations, or others in liabilities incurred in respect of the risks referred to in paragraph (1)(C) of this subsection under contracts issued on and after January 1, 1976, of at least 121^ per centum, and, under contracts issued on and after January 1, 1979, of at least 40 per centum. If for good reason it is not possible for the Corporation to achieve either such percentage of participation, the Corporation shall report in detail to the Committee on Foreign Relations of the Senate and the Committee on Foreign Affairs of the House of Representatives the reasons for its inability to achieve either such percentage of participation and the date by which such percentage is to be achieved. " (B) The Corporation shall not participate as insurer under contracts of insurance issued after December 31, 1980, in respect of the risks referred to in paragraph (1)(C) of this subsection unless Congress by law modifies this paragraph. "(6) Notwithstanding any of the percentages of participation under paragraphs (4)(A) and (5)(A) of this subsection, the Corporation may agree to assume liability as insurer for any contract of insurance, or share thereof, that a private insurance company, multilateral

765

Report to cong r e s s i o n a l committees.

Report to cong r e s s i o n a l committees.

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