§ 926. Certain rural development investments by qualified telephone borrowers not treated as dividends or distributions
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(a)In general The Secretary shall not—
(1)treat any amount invested by any qualified telephone borrower for any purpose described in section 2204b(c)(2) of this title (including any investment in, or extension of credit, guarantee, or advance made to, an affiliated company of the borrower, that is used by such company for such a purpose) as a dividend or distribution of capital to the extent that, immediately after such investment, the aggregate of such investments does not exceed ⅓ of the net worth of the borrower; or
(2)require a qualified telephone borrower to obtain the approval of the Secretary in order to make an investment described in paragraph (1).
(b)“Qualified telephone borrower” defined As used in subsection (a), the term “qualified telephone borrower” means a person—
(1)to whom a telephone loan has been made or guaranteed under this chapter; and
(2)whose net worth is at least 20 percent of the total assets of such person.
(May 20, 1936, ch. 432, title II, § 205, as added Pub. L. 101–624, title XXIII, § 2356, Nov. 28, 1990, 104 Stat. 4039; amended Pub. L. 103–354, title II, § 235(a)(13), Oct. 13, 1994, 108 Stat. 3221; Pub. L. 115–334, title VI, § 6602(b)(3), Dec. 20, 2018, 132 Stat. 4776.)
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Cited by 12 sections
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- Public Law 115–334To provide for the reform and continuation of agricultural and other programs of the Department of Agriculture through fiscal year 2023, and for other purposes
- Public Law 101–624To extend and revise agricultural price support and related programs, to provide for agricultural export, resource conservation, farm credit, and agricultural research and related programs, to ensure consumers an abundance of food and fiber at reasonable prices, and for other purposes
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- Sec. 6602Repeal of Rural Telephone Bank
- Sec. 6602Repeal of Rural Telephone Bank
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- Sec. 6430Rural water and wastewater technical assistance and training programs
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7 references not yet in our index
- May 20, 1936, ch. 432
- Pub. L. 101–624, title XXIII, § 2356
- 104 Stat. 4039
- Pub. L. 103–354, title II, § 235(a)(13)
- 108 Stat. 3221
- 132 Stat. 4776
- Pub. L. 103–354
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§ 926
Certain rural development investments by qualified telephone borrowers not treated as dividends or distributions
Bills×6
Stat.×3
Stat. Comp.×2
Pub. L.×1
ActMay 20, 1936, ch. 432
Pub. L.Pub. L. 101–624, title XXIII, § 2356
Stat.104 Stat. 4039
Pub. L.Pub. L. 103–354, title II, § 235(a)(13)
Stat.108 Stat. 3221
Cites 9 · showing 7Cited by 12 across 4 sources