PUBLIC LAW 101-624—NOV. 28, 1990 104 STAT. 3983 r (II) the agency of each State that is primarily responsible for rural economic development programs within the State; (III) the governing body of a county or other political subdivision of a State; (IV) the governing body of a town or township within a State; or (V) an incorporated public organization or a nonprofit private community development corporation, or similar nonprofit private organization, that is chartered or otherwise orgginized under State law for the purpose of promoting economic development; or (ii) an Indian tribe (as defined in section 4(b) of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 450b)), an Indian organization or entity chartered under the Act of June 18, 1934 (25 U.S.C. 1001 et seq.), commonly known as the "Indian Reorganization Act", or any tribal organization (as defined in the section 4(c) of the Indian Self-Determination and Education Assistance Act (25 U.S.C. 450b(c))); and (B)that— (i) possesses the powers reasonably necessary to perform the functions and activities described in this chapter; (ii) has a professional staff and management ability (including adequate accounting, legal, and business servicing abilities or experience); and (iii) meets any other requirements established by the Board to carry out this chapter. (3) INVESTMENT BOARD.— The terms "Investment Board" and "Board" mean the Rural Partnerships Investment Board established in section 2312(a). (4) LOCAL BUSINESS. —The term "local business" means— (A) a business concern, located in a rural area, that— (i) is incorporated or otherwise organized under State law so that financial records and accounts are maintained regarding the business concern separate and apart from records and accounts not related to that business concern; and (ii) is independently or cooperatively (not including borrowers under the Rurgil Electrification Act of 1936) owned and operated as defined by the Board; or (B) an individual who plans to organize and operate an entity of the type described in subparagraph (A), that meets any additional requirements that are established by the Board to carry out the intent of this Act. (5) RURAL AREA.—The term "rural area" means all territory of a State that is not within the outer boundary of any city or town having a population of 20,000 or more based on the latest decennial census of the United States, and any neighboring urbanized area as defined by the Board. (6) RURAL FUND.— The terms "Rural Fund" and "Fund" mean the Rural Business Investment Fund established under section 2313(a). (7) SECRETARY. — The term "Secretary" means the Secretary of Agriculture, unless otherwise specified in this chapter.
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