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Code · BILL · 119th Congress · S. 1645 (Introduced in Senate) — To establish a domestic ownership investment facility, and for other purposes. · Sec. 23

Sec. 23. Miscellaneous

298 words·~1 min read·/bill/119/s/1645/is/section-23·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Whenever practicable, the operations of an ownership investment company, including the generation of business, may be undertaken in cooperation with banks or other investors or lenders, incorporated or unincorporated, and any servicing or initial investigation required for loans or acquisitions of securities by the company under the provisions of this Act may be handled through such banks or other investors or lenders on a fee basis. Any ownership investment company may receive fees for services rendered to such banks and other investors and lenders.
The Secretary is authorized to prescribe regulations governing the operations of ownership investment companies, and to carry out the provisions of this Act, in accordance with the purposes of this Act. Should any ownership investment company violate or fail to comply with any of the provisions of this Act or of regulations prescribed hereunder, all of the rights, privileges, and franchises derived therefrom may thereby be forfeited. Before any such ownership investment company shall be declared dissolved, or its rights, privileges, and franchises forfeited, any noncompliance with or violation of this Act shall be determined and adjudged by a court of the United States of competent jurisdiction in a suit 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 ownership investment company is located.
Any such suit shall be brought by the United States at the instance of the Secretary or the Attorney General. Except as expressly provided otherwise in this Act, nothing in this Act or in any other provision of law shall be deemed to impose any liability on the United States with respect to any obligations entered into, or stocks issued, or commitments made, by any company operating under the provisions of this Act.
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