Business form.

CFR · 2024-01-01 · US · Title 7

(a) (b) (c) (1) Must specify in general terms: (i) The purposes for which the RBIC is formed; (ii) The name of the RBIC; (iii) The Rural Area or Areas in which it will operate; (iv) The place where the RBIC's headquarters will be located; and (v) The amount and classes of the RBIC's ownership interests. (2) May contain any other provisions consistent with the Act that the RBIC may determine is appropriate to adopt to regulate its business and the conduct of its affairs. (3) Are subject to the Agency's approval. (d) (i) You must have a minimum duration of 10 years, or two years following the maturity of your last-maturing Leverage security, whichever is longer. After 10 years, if all Leverage has been repaid or redeemed and all amounts due the Agency, its agent, or Trustee have been paid, the Partnership RBIC may be terminated by a vote of your partners; (ii) None of your general partner(s) may be removed or replaced by your limited partners without prior written approval of the Agency; (iii) Any transferee of, or successor in interest to, your general partner shall have only the rights and liabilities of a limited partner prior to the Agency's written approval of such transfer or succession; and (iv) You must incorporate all the provisions in this paragraph (d) in your limited partnership agreement. (2) (3)

official document · source cfr-2024 · id 7:§ 4290.100