Page:United States Statutes at Large Volume 110 Part 4.djvu/901

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PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -738 SEC. 205. REGISTRATION OF CERTIFICATES. (a) CERTIFICATES SOLD PURSUANT TO SMALL BUSINESS ACT. — Section 5(h) of the Small Business Act (15 U.S.C. 634(h)) is amended— (1) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D); (2) by striking "(h)" and inserting "(h)(1)"; (3) by striking subparagraph (A), as redesignated by paragraph (1) of this subsection, and inserting the following: "(A) provide for a central registration of all loans and trust certificates sold pursuant to subsections (f) and (g) of this section;"; and (4) by adding at the end the following: "(2) Nothing in this subsection shall prohibit the utilization of a book-entry or other electronic form of registration for trust certificates. The Administration may, with the consent of the Secretary of the Treasury, use the book-entry system of the Federal Reserve System.". (b) CERTIFICATES SOLD PURSUANT TO SMALL BUSINESS INVEST- MENT COMPANY PROGRAM.— Section 321(f) (15 U.S.C. 687Z(f)) is amended— (1) in paragraph (1), by striking "Such central registration shall include" and all that follows through the period at the end of the paragraph; and (2) by adding at the end the following: "(5) Nothing in this subsection shall prohibit the use of a book-entry or other electronic form of registration for trust certificates.". (c) CERTIFICATES SOLD PURSUANT TO DEVELOPMENT COMPANY PROGRAM.— Section 505(f) (15 U.S.C. 697b(f)) is amended— (1) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D); (2) by striking "(f)" and inserting "(f)( 1)"; (3) by striking subparagraph (A), as redesignated by paragraph (1) of this subsection, and inserting the following: "(A) provide for a central registration of all trust certificates sold pursuant to this section;" and (4) by adding at the end the following: "(2) Nothing in this subsection shall prohibit the utilization of a book-entry or other electronic form of registration for trust certificates.". SEC. 206. PREFERRED SURETY BOND GUARANTEE PROGRAM. (a) ADMISSIONS OF ADDITIONAL PROGRAM PARTICIPANTS.—Section 411(a) (15 U.S.C. 694(a)) is amended by adding a new para- 15 USC 694b. graph (5), as follows: "(5)(A) The Administration shall promptly act upon an application from a surety to participate in the Preferred Surety Bond Guarantee Program, authorized by paragraph (3), in accordance with criteria and procedures established in regulations pursuant to subsection (d). "(B) The Administration is authorized to reduce the allotment of bond guarantee authority or terminate the participation of a surety in the Preferred Surety Bond Guarantee Program based on the rate of participation of such surety during the 4 most recent fiscal year quarters compared to the median rate of participation by the other sureties in the program.".