7-U.S.C.-926

7-U.S.C.-926

§926 – Certain Rural Development Investments By Qualified Telephone Borrowers Not Treated As Dividends Or Distributions

Pathway

Title 7 > Chapter 31 > Subchapter II > Section 926

Details

  • Reference: Section 926
  • Legend: §926 – Certain Rural Development Investments By Qualified Telephone Borrowers Not Treated As Dividends Or Distributions
  • USCode Year: 2013

Provision Content

(a) In general

The Secretary and the Governor of the telephone bank shall not—

(1) treat any amount invested by any qualified telephone borrower for any purpose described in section 2204b(c)(2) of this title (including any investment in, or extension of credit, guarantee, or advance made to, an affiliated company of the borrower, that is used by such company for such a purpose) as a dividend or distribution of capital to the extent that, immediately after such investment, the aggregate of such investments does not exceed 1/3 of the net worth of the borrower; or

(2) require a qualified telephone borrower to obtain the approval of the Secretary or the Governor of the telephone bank in order to make an investment described in paragraph (1).

(b) Qualified telephone borrower” defined

As used in subsection (a) of this section, the term qualified telephone borrower” means a person—

(1) to whom a telephone loan has been made or guaranteed under this chapter; and

(2) whose net worth is at least 20 percent of the total assets of such person.

(May 20, 1936, ch. 432, title II, §205, as added Pub. L. 101–624, title XXIII, §2356, Nov. 28, 1990, 104 Stat. 4039; amended Pub. L. 103–354, title II, §235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)

Amendments

1994—Subsec. (a). Pub. L. 103–354 substituted Secretary” for Administrator” in two places.

U.S. Encyclopedia of Law Coverage

7-U.S.C.-917 in the Legal Encyclopedia: Agriculture

In this entry about 7-U.S.C.-917, find legal reference material, bibliographies and premiere content related to agriculture in the American Encyclopedia of Law, presenting a comprehensive view of the United States agriculture-specific issues, written by authorities in the field.

7-U.S.C.-926 in the Legal Encyclopedia: Telecommunications

In this entry about 7-U.S.C.-926, find legal reference material, bibliographies and premiere content related to telecommunications in the American Encyclopedia of Law, presenting a comprehensive view of the United States telecommunications-specific issues, written by authorities in the field.

7-U.S.C.-918 in the Legal Encyclopedia: Rural

In this entry about 7-U.S.C.-918, find legal reference material, bibliographies and premiere content related to rural in the American Encyclopedia of Law, presenting a comprehensive view of the United States rural-specific issues, written by authorities in the field.

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