
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC686]

 
                      TITLE 15--COMMERCE AND TRADE
 
             CHAPTER 14B--SMALL BUSINESS INVESTMENT PROGRAM
 
              SUBCHAPTER III--INVESTMENT DIVISION PROGRAMS
 
               Part A--Small Business Investment Companies
 
Sec. 686. Aggregate limitations on amount of assistance to any 
        single enterprise
        

(a) Percentage limitation of private capital

    If any small business investment company has obtained financing from 
the Administration and such financing remains outstanding, the aggregate 
amount of obligations and securities acquired and for which commitments 
may be issued by such company under the provisions of this subchapter 
for any single enterprise shall not exceed 20 per centum of the private 
capital of such company, without the approval of the Administration.

(b) Repealed. Pub. L. 92-595, Sec. 2(f), Oct. 27, 1972, 86 Stat. 1316

(c) Application of provisions to commitments incurred prior to effective 
        date of section

    With respect to obligations or securities acquired prior to the 
effective date of the Small Business Investment Act Amendments of 1967, 
and with respect to legally binding commitments issued prior to such 
date, the provisions of this section as in effect immediately prior to 
such effective date shall continue to apply.

(Pub. L. 85-699, title III, Sec. 306, Aug. 21, 1958, 72 Stat. 694; Pub. 
L. 87-341, Sec. 7(a), Oct. 3, 1961, 75 Stat. 753; Pub. L. 88-273, 
Sec. 4, Feb. 28, 1964, 78 Stat. 146; Pub. L. 90-104, title II, Sec. 207, 
Oct. 11, 1967, 81 Stat. 271; Pub. L. 92-595, Sec. 2(f), Oct. 27, 1972, 
86 Stat. 1316; Pub. L. 102-366, title IV, Sec. 408(a), Sept. 4, 1992, 
106 Stat. 1016.)

                       References in Text

    For effective date of the Small Business Investment Act Amendments 
of 1967, referred to in subsec. (c), see Effective Date of 1967 
Amendment note set out under section 681 of this title.


                               Amendments

    1992--Subsec. (a). Pub. L. 102-366 amended subsec. (a) generally. 
Prior to amendment, subsec. (a) read as follows: ``Without the approval 
of the Administration, the aggregate amount of obligations and 
securities acquired and for which commitments may be issued by any small 
business investment company under the provisions of this chapter for any 
single enterprise shall not exceed 20 percent of the combined private 
paid-in capital and paid-in surplus of such company.''
    1972--Subsec. (a). Pub. L. 92-595, Sec. 2(f)(1), substituted 
``combined private paid-in capital'' for ``combined paid-in capital''.
    Subsec. (b). Pub. L. 92-595, Sec. 2(f)(2), repealed subsec. (b) 
which enumerated the items making up the combined paid-in capital and 
paid-in surplus of companies licensed prior to January 1, 1968.
    1967--Subsec. (a). Pub. L. 90-104 substituted ``paid-in capital and 
paid-in surplus of such company'' for ``capital and surplus of such 
small business investment company authorized by this chapter''.
    Subsecs. (b), (c). Pub. L. 90-104 added subsecs. (b) and (c).
    1964--Pub. L. 88-273 struck out the $500,000 limitation on amount of 
assistance to any single enterprise.
    1961--Pub. L. 87-341 inserted ``or (2) $500,000, whichever is the 
lesser''.


                    Effective Date of 1967 Amendment

    Amendment by Pub. L. 90-104 effective Jan. 1, 1968, see section 211 
of Pub. L. 90-104, set out as a note under section 681 of this title.


                    Effective Date of 1961 Amendment

    Section 7(b) of Pub. L. 87-341 provided that: ``The amendment made 
by subsection (a) [amending this section] shall apply only with respect 
to obligations and securities acquired by a small business investment 
company on or after the date of the enactment of this Act [Oct. 3, 
1961]; except that such amendment shall not apply with respect to any 
obligations or securities so acquired pursuant to a commitment issued 
before such date.''


 Effect of Small Business Equity Enhancement Act of 1992 on Securities 
                                  Laws

    Nothing in amendment by Pub. L. 102-366 to be construed to affect 
applicability of securities laws or to otherwise supersede or limit 
jurisdiction of Securities and Exchange Commission, see section 418 of 
Pub. L. 102-366, set out as a note under section 661 of this title.
