Sec. 7303. Authority to designate enterprise funds
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/bill/113/hr/1793/ih/section-7303·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Administrator is authorized to designate private, nonprofit organizations to operate pursuant to this subtitle as enterprise funds, as eligible to receive funds and support pursuant to this subtitle after determining that such organizations have been established for the purposes specified in section 7302. The Administrator shall consult with the appropriate congressional committees before designating an organization under paragraph (1). Each enterprise fund shall be governed by a board of directors.
Subject to paragraph (3), the board of directors shall be composed of 9 members appointed by the Administrator as follows: Five individuals who are private citizens of the United States. Three individuals who are private citizens of the country in which the enterprise fund will operate, to be appointed by the Administrator in consultation with the government of such country. One individual who is an officer or employee of the United States Agency for International Development.
Each member of the board of directors appointed under paragraph
(1)shall be selected from among individuals who have demonstrated expertise in one or more of the following areas: business development, commerce, international markets, capital investment, banking, and finance. The Administrator may appoint not more than 2 additional members of the board of directors, who may not vote on matters before the board of directors. If appointed, such additional members shall be representatives of nongovernmental organizations that have demonstrated expertise in the development needs of the country served by the enterprise fund. The Administrator may use funds appropriated by Congress to carry out the purposes specified in section 7302, including payment of the administrative expenses of the enterprise fund. The Administrator may use funds appropriated by Congress to make grants to enterprise funds designated under subsection (a), except that such appropriated funds may be used only for the purposes set forth in section 7302. The Administrator not award a grant to an enterprise fund under paragraph
(2)unless the Administrator and enterprise fund enter into a grant agreement under which the enterprise fund agrees to comply with the requirements under this section. Such grant agreement shall state that the enterprise fund shall liquidate its assets and dissolve not later than a date determined by the Administrator, unless the Administrator determines, after consultation with the appropriate congressional committees, that the enterprise fund should be extended. At the time the enterprise fund is dissolved, the assets of the enterprise fund shall be transferred to the General Fund of the United States Treasury. Not less than 15 days before designating an organization to operate as an enterprise fund under subsection (a), the Administrator shall provide the information described in paragraph
(2)to the appropriate congressional committees. The information described in this paragraph is— the identity of the organization to be designated to operate as the enterprise fund under subsection (a); the names and qualifications of the individuals who will comprise the board of directors of the enterprise fund; and a copy of the grant agreement between the Administrator and the enterprise fund. Not later than 1 year after the entry into force of the grant agreement between the Administrator and an enterprise fund under this section, and annually thereafter, the enterprise fund shall prepare and make available to the public on an Internet website administered by the enterprise fund a report on the enterprise fund’s activities during the previous year, including— a description of each investment supported by the enterprise fund, including each type of assistance provided in accordance with section 7303(c); the amounts invested by the enterprise fund in each company or project; the amounts of additional private investments made in each company or project; the amounts of any profits or losses realized by the enterprise fund in connection with each such company or project; the nature and amounts of administrative expenses incurred by the enterprise fund; and the annual independent audit of the enterprise fund, as required under this subtitle.