Sec. 2. Limitation on eligibility for assistance
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/bill/119/hr/8030/ih/section-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Title III of the Defense Production Act of 1950 ( 50 U.S.C. 4531 et seq. ) is amended by adding at the end the following: A covered entity is not eligible for assistance authorized under this title. In this section: The term covered entity means an entity in which a covered individual directly or indirectly holds a significant interest. For the purpose of determining whether an entity is a covered entity, if securities of the entity are owned, controlled, or held by 2 or more individuals who are related as described in paragraph (2), such securities shall be aggregated.
The term covered individual means— the President, the Vice President, or a member of the Defense Production Act Committee; and the spouse, child, son-in-law, or daughter-in-law of an individual described in subparagraph (A). The term equity interest means— a share in an entity, without regard to whether the share is— transferable; or classified as stock or a similar classification; a capital or profit interest in a limited liability company or partnership; and a warrant or right (other than a right to convert) to purchase, sell, or subscribe to a share or interest described in subparagraph
(A)or (B), respectively. The term significant interest means owning, controlling, or holding not less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest in an entity. .
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Sec. 2
Limitation on eligibility for assistance
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