§ 2009cc–14. Unlawful acts and omissions; breach of fiduciary duty
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/usc/title-7/section-2009cc-14A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Whenever any rural business investment company violates this subchapter (including any rule, regulation, order, or participation agreement under this subchapter), by reason of the failure of the rural business investment company to comply with this subchapter or by reason of its engaging in any act or practice that constitutes or will constitute a violation of this subchapter, the violation shall also be deemed to be a violation and an unlawful act committed by any person that, directly or indirectly, authorizes, orders, participates in, causes, brings about, counsels, aids, or abets in the commission of any acts, practices, or transactions that constitute or will constitute, in whole or in part, the violation.
It shall be unlawful for any officer, director, employee, agent, or other participant in the management or conduct of the affairs of a rural business investment company to engage in any act or practice, or to omit any act or practice, in breach of the fiduciary duty of the officer, director, employee, agent, or participant if, as a result of the act or practice, the rural business investment company suffers or is in imminent danger of suffering financial loss or other damage.
Except with the written consent of the Secretary, it shall be unlawful— for any person to take office as an officer, director, or employee of any rural business investment company, or to become an agent or participant in the conduct of the affairs or management of a rural business investment company, if the person— has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or has been found liable in a civil action for damages, or has been permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust; and for any person to continue to serve in any of the capacities described in paragraph (1), if— the person is convicted of a felony or any other criminal offense involving dishonesty or breach of trust; or the person is found liable in a civil action for damages, or is permanently or temporarily enjoined by an order, judgment, or decree of a court of competent jurisdiction, by reason of any act or practice involving fraud or breach of trust.
( Pub. L. 87–128, title III, § 384O , as added Pub. L. 107–171, title VI, § 6029 , May 13, 2002 , 116 Stat. 400 .)
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- Pub. L. 87-128
- Pub. L. 107-171
- 116 Stat. 400
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§ 2009cc–14
Unlawful acts and omissions; breach of fiduciary duty
Stat.×1
Pub. L.Pub. L. 87-128
Pub. L.Pub. L. 107-171
Stat.116 Stat. 400
Cites 3Cited by 1 across 1 source