§ 950b. — Borrower net worth.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC950b]
TITLE 7--AGRICULTURE
CHAPTER 31--RURAL ELECTRIFICATION AND TELEPHONE SERVICE
SUBCHAPTER IV--RURAL TELEPHONE BANK
Sec. 950b. Borrower net worth
Except as provided in subsection (b)(2) of section 948 of this
title, notwithstanding any other provision of law, a loan shall not be
made under section 922 of this title to any borrower which during the
immediately preceding year had a net worth in excess of 20 per centum of
its assets unless the Secretary finds that the borrower cannot obtain
such a loan from the telephone bank or from other reliable sources at
reasonable rates of interest and terms and conditions.
(May 20, 1936, ch. 432, title IV, Sec. 412, as added Pub. L. 92-12,
Sec. 2, May 7, 1971, 85 Stat. 37; amended Pub. L. 103-354, title II,
Sec. 235(a)(13), Oct. 13, 1994, 108 Stat. 3221.)
Amendments
1994--Pub. L. 103-354 substituted ``Secretary'' for
``Administrator''.
Effective Date
Section effective May 7, 1971, see section 7 of Pub. L. 92-12, set
out as a note under section 921a of this title.
Section Referred to in Other Sections
This section is referred to in section 939 of this title.
