42-U.S.C.-2297H-9

§2297H-9 – §2297H-9. Ownership Limitations

Pathway

Title 42 > Chapter 23 > Subchapter VIII > Section 2297h-9

Details

• Reference: Section 2297h-9
• Legend: §2297H-9 – §2297H-9. Ownership Limitations
• USCode Year: 2011

Provision Content

(a) Securities limitations

No director, officer, or employee of the Corporation may acquire any securities, or any rights to acquire any securities of the private corporation on terms more favorable than those offered to the general public—

(1) in a public offering designed to transfer ownership of the Corporation to private investors,

(2) pursuant to any agreement, arrangement, or understanding entered into before the privatization date, or

(3) before the election of the directors of the private corporation.

(b) Ownership limitation

Immediately following the consummation of the transaction or series of transactions pursuant to which 100 percent of the ownership of the Corporation is transferred to private investors, and for a period of three years thereafter, no person may acquire, directly or indirectly, beneficial ownership of securities representing more than 10 percent of the total votes of all outstanding voting securities of the Corporation. The foregoing limitation shall not apply to—

(1) any employee stock ownership plan of the Corporation,

(2) members of the underwriting syndicate purchasing shares in stabilization transactions in connection with the privatization, or

(3) in the case of shares beneficially held in the ordinary course of business for others, any commercial bank, broker-dealer, or clearing agency.

(Pub. L. 104–134, title III, §3111, Apr. 26, 1996, 110 Stat. 1321–343.)

Codification

Section was enacted as part of the USEC Privatization Act and also as part of the Omnibus Consolidated Rescissions and Appropriations Act of 1996, and not as part of the Atomic Energy Act of 1954 which comprises this chapter.

U.S. Encyclopedia of Law Coverage

42-U.S.C.-2297H-10A in the Legal Encyclopedia: Atomic Energy

In this entry about 42-U.S.C.-2297H-10A, find legal reference material, bibliographies and premiere content related to atomic energy in the American Encyclopedia of Law, presenting a comprehensive view of the United States atomic energy-specific issues, written by authorities in the field.

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