Regional Seed Money Corporation Act

Summary

Regional Seed-Money Corporations Act - Creates regional seed-money corporations which will not be agencies of the Federal Government. Provides for the election of directors and officers of such corporations. Authorizes such corporations to issue and have outstanding, in such amounts as they shall determine, shares of capital stock which shall carry voting rights and be eligible for dividends. Authorizes the President to make loans, from funds authorized by this Act, to such a corporation not to exceed three times the private capital paid into such corporation. States that such corporation may: (1) provide necessary funding for the initiation of new business enterprises within the region served by the corporation and sets forth criteria which such applicants must meet; and (2) acquire not more than 49 percent of the ownership or voting shares in any single enterprise. Provides that such corporation shall conduct training classes in organizing new business ventures. Directs that corporations established under this Act shall be specified regions of the country. Authorizes the President to waive the application of those Federal laws, rules, and regultions applicable to corporations and to securities, with respect to any enterprise funded by a corporation whenever he determines it to be in the best interests of the United States. Authorizes to be appropriated for the first fiscal year which begins after the date of enactment of this Act not to exceed $18,000,000, of which amount not to exceed $2,500,000 shall be furnished to any one corporation, and for the succeeding fiscal year not to exceed $31,200,000 of which amount not to exceed $5,000,000 shall be furnished to any one corporation.

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Timeline

1. 31 January 1973

   Introduced

   Introduced in House

   Source: IntroReferral

2. 31 January 1973

   Introduced

   Introduced in House

   Source: IntroReferral

3. 31 January 1973

   Introduced

   Referred to House Committee on Banking and Currency.

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 31 January 1973

  Open at official source

Sponsors

• Rep. Gubser, Charles S. [R-CA-10] · R · Sponsor
• · hsba00 · Standing

Related records

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