7 USC 2009cc-14 - Unlawful acts and omissions; breach of fiduciary duty

U.S Code last checked for updates: Nov 22, 2024

§ 2009cc–14.

Unlawful acts and omissions; breach of fiduciary duty

(a)

Parties deemed to commit a violation

(b)

Fiduciary duties

(c)

Unlawful acts

Except with the written consent of the Secretary, it shall be unlawful—

(1)

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—

(A)

has been convicted of a felony, or any other criminal offense involving dishonesty or breach of trust; or

(B)

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

(2)

for any person to continue to serve in any of the capacities described in paragraph (1), if—

(A)

the person is convicted of a felony or any other criminal offense involving dishonesty or breach of trust; or

(B)

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.)

cite as: 7 USC 2009cc-14