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

Summary

The Administrator can end a New Markets Venture Capital company’s participation agreement and take away all the rights it got under the program if the company breaks the chapter, a rule made under the chapter, or its participation agreement. Before the Administrator can do that, a United States court with proper authority must find the company violated or failed to comply. The court case must be brought where the company’s principal office is, and it must be started 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

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