U.S Code last checked for updates: Nov 22, 2024
All TitlesTitle 22Chapter 63Subchapter II
§ 5421.
Enterprise Funds for Poland and Hungary
(a)
Purposes
The purposes of this section are to promote—
(1)
development of the Polish and Hungarian private sectors, including small businesses, the agricultural sector, and joint ventures with United States and host country participants, and
(2)
policies and practices conducive to private sector development in Poland and Hungary,
through loans, grants, equity investments, feasibility studies, technical assistance, training, insurance, guarantees, and other measures.
(b)
Authorization of appropriations
To carry out the purposes specified in subsection (a), there are authorized to be appropriated to the President—
(1)
$240,000,000 to support the Polish-American Enterprise Fund; and
(2)
$60,000,000 to support the Hungarian-American Enterprise Fund.
Such amounts are authorized to be made available until expended.
(c)
Nonapplicability of other laws
(d)
Designation of Enterprise Funds
(1)
Designation
(2)
Consultation with Congress
(3)
Board of Directors
(A)
Each Enterprise Fund shall be governed by a Board of Directors comprised of private citizens of the United States, and citizens of the respective host country, who have demonstrated experience and expertise in those areas of private sector development in which the Enterprise Fund is involved.
(B)
A majority of the members of the Board of Directors of each Enterprise Fund shall be United States citizens.: 1
1
 So in original.
Provided, That, as to Enterprise Funds established with respect to more than one host country, such Enterprise Fund may, in lieu of the appointment of citizens of the host countries to its Board of Directors, establish an advisory council for the host region comprised of citizens of each of the host countries or establish separate advisory councils for each of the host countries (hereinafter in this section referred to as the “Advisory Councils”), with which the Enterprise Fund’s policies and proposed activities and such host country citizens shall satisfy the experience and expertise requirements of this clause.
(C)
A host country citizen who is not committed to respect for democracy and a free market economy may not serve as a member of the Board of Directors of an Enterprise Fund.
(4)
Eligibility of Enterprise Funds for grants
(5)
Private character of Enterprise Funds
(e)
Grants to Enterprise Funds
Funds appropriated to the President pursuant to subsection (b) shall be granted to the Enterprise Funds to carry out the purposes specified in subsection (a) and for the administrative expenses of each Enterprise Fund—
(1)
except as provided in paragraph (2), by the United States Agency for International Development; or
(2)
if the Enterprise Funds are transferred to the United States International Development Finance Corporation pursuant to section 9683(b) of this title, by the Corporation.
(f)
Eligible programs and projects
(1)
In general
(2)
Employee stock ownership plans
(3)
Indigenous credit unions
Funds available to the Enterprise Funds may be used for technical and other assistance to support the development of indigenous credit unions in Poland and Hungary. As used in this paragraph, the term “credit union” means a member-owned, nonprofit, cooperative depository institution—
(A)
which is formed to permit individuals in the field of membership specified in such institution’s charter to pool their savings, lend the savings to one another, and own the organization where they save, borrow, and obtain related financial services; and
(B)
whose members are united by a common bond and democratically operate the institution.
(4)
Telecommunications modernization in Poland
(5)
Economic foundation of NSZZ Solidarność
(g)
Matters to be considered by Enterprise Funds
(h)
Retention of interest
(i)
Use of United States private venture capital
(j)
Financial instruments for individual investment in Poland
(k)
Nonapplicability of other laws
(l)
Limitation on payments to Enterprise Fund personnel
(1)
No part of the funds of an Enterprise Fund shall inure to the benefit of any board member, officer, or employee of such Enterprise Fund, except as salary or reasonable compensation for services subject to paragraph (2).
(2)
An Enterprise Fund shall not pay compensation for services to—
(A)
any board member of the Enterprise Fund, except for services as a board member; or
(B)
any firm, association, or entity in which a board member of the Enterprise Fund serves as partner, director, officer, or employee.
(3)
Nothing in paragraph (2) shall preclude payment for services performed before the date of enactment of this subsection nor for arrangements approved by the grantor and notified in writing to the Committees on Appropriations.
(m)
Independent private audits
(n)
GAO audits
(o)
Recordkeeping requirements
The Enterprise Funds shall ensure—
(1)
that each recipient of assistance provided through the Enterprise Funds under this section keeps—
(A)
separate accounts with respect to such assistance;
(B)
such records as may be reasonably necessary to disclose fully the amount and the disposition by such recipient of the proceeds of such assistance, the total cost of the project or undertaking in connection with which such assistance is given or used, and the amount and nature of that portion of the cost of the project or undertaking supplied by other sources; and
(C)
such other records as will facilitate an effective audit; and
(2)
that the Enterprise Funds, or any of their duly authorized representatives, have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient that are pertinent to assistance provided through the Enterprise Funds under this section.
(p)
Annual reports
(Pub. L. 101–179, title II, § 201, Nov. 28, 1989, 103 Stat. 1305; Pub. L. 104–107, title II, [(v)], Feb. 12, 1996, 110 Stat. 714; Pub. L. 105–118, title V, § 588, Nov. 26, 1997, 111 Stat. 2438; Pub. L. 108–271, § 8(b), July 7, 2004, 118 Stat. 814; Pub. L. 115–254, div. F, title VI, § 1470(m)(2), Oct. 5, 2018, 132 Stat. 3518.)
cite as: 22 USC 5421
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