§689m — Title 15 Commerce and Trade | U.S. Code

Summary

The Administrator may cancel a New Markets Venture Capital company's participation agreement and make the company lose all rights and benefits it got under this chapter if the company breaks the chapter, its rules, or its participation agreement. Before that can happen, a United States court in the district or territory where the company's main office is must find the company violated the law in a case brought for that purpose. That case must be filed by the Administrator or by the Attorney General.

Title 15, §689m

Commerce and Trade — Source: USLM XML via OLRC

(a)With respect to any New Markets Venture Capital company that violates or fails to comply with any of the provisions of this chapter, of any regulation issued under this chapter, or of any participation agreement entered into under this chapter, the Administrator may in accordance with this section—

(1)void the participation agreement between the Administrator and the company; and

(2)cause the company to forfeit all of the rights and privileges derived by the company from this chapter.

(b)(1)Before the Administrator may cause a New Markets Venture Capital company to forfeit rights or privileges under subsection (a), a court of the United States of competent jurisdiction must find that the company committed a violation, or failed to comply, in a cause of action brought for that purpose in the district, territory, or other place subject to the jurisdiction of the United States, in which the principal office of the company is located.

(2)Each cause of action brought by the United States under this subsection shall be brought by the Administrator or by the Attorney General.

§689m Additional penalties for noncompliance

Summary

Title 15, §689m

Notes & Related Subsidiaries

Editorial Notes

References in Text

References in Text

Citations & Metadata