§2007b. Rural Partnerships Investment Board

(a) Establishment

There is established a "Rural Partnerships Investment Board" to provide lines of credit to eligible entities to enable such entities to establish, maintain, or expand revolving funds that are used to make or guarantee loans, or to make capital investments in new or expanding local businesses in conjunction with loans or investments made by depository institutions (as defined in section 1813(c)(1) of title 12,¹ State owned banks whose deposits are backed by the full faith and credit of the State, or community development credit unions chartered by the National Credit Union Administration under the Federal Credit Union Act (12 U.S.C. 1751 et seq.).

(b) Board of Directors

(1) In general

The Board of Directors of the Investment Board shall consist of-

(A) the Administrator of the Rural Electrification Administration;

(B) the Administrator of the Rural Development Administration;

(C) the Administrator of the Extension Service of the Department of Agriculture; and

(D) two members who shall be-

(i) experienced in rural development and related matters;

(ii) appointed by the President with the advice and consent of the Senate; and

(iii) from different political parties.

(2) Chairperson

The Chairperson of the Board shall be the Administrator of the Rural Development Administration.

(3) Vacancies

Vacancies on the Board shall be filled in the same manner as the vacant position was previously filled.

(4) Chief executive officer

A chief executive officer shall be selected by the Board and shall serve at the pleasure of the Board.

(5) Quorum

A quorum shall consist of three members of the Board. All decisions made by the Board shall require an affirmative vote of a majority of the members.

(6) Compensation

Members of the Board-

(A) specified under subparagraphs (A), (B), and (C) of paragraph (1) shall receive reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Investment Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter 1² of chapter 57 of title 5 for officers and employees of the United States; and

(B) appointed under subparagraph (D) of paragraph (1) shall receive compensation for the time devoted to meetings and other activities at a daily rate not to exceed the daily rate of compensation prescribed for level III of the Executive Schedule under section 5314 of title 5, and reasonable allowances for necessary expenses of travel, lodging, and subsistence incurred in attending meetings and other activities of the Investment Board, as set forth in the bylaws issued by the Board of Directors, except that such level shall not exceed the maximum fixed by subchapter 1² of chapter 57 of title 5 for officers and employees of the United States.

(7) Rules and records

The Board shall adopt such rules and procedures as it may consider appropriate for the transaction of the business of the Investment Board, and shall keep permanent and accurate records and minutes of its acts and proceedings.

(c) Powers of Investment Board

The Investment Board shall be a body corporate that shall have the power to-

(1) operate under the direction of its Board;

(2) adopt, alter, and use a corporate seal, which shall be judicially noted;

(3) provide for one or more officers, employees, and agents, as may be necessary, define their duties, and require surety bonds or make other provisions against losses occasioned by acts of such persons;

(4) hire, promote, compensate, and discharge officers and employees of the Investment Board, without regard to title 5, except that no such officer or employee shall receive an annual rate of basic pay in excess of the rate prescribed for level III of the Executive Schedule under section 5314 of title 5;

(5) prescribe by its Board its bylaws, that shall be consistent with law, and that shall provide for the manner in which-

(A) its officers, employees, and agents are to be selected;

(B) its property is to be acquired, held, and transferred;

(C) its general operations are to be conducted; and

(D) the privileges granted by law are to be exercised and enjoyed;

(6) with the consent of any executive department or independent agency, use the information, services, staff, and facilities of such in carrying out sections 2007a to 2007e of this title;

(7) enter into contracts and make advance, progress, or other payments with respect to such contracts;

(8) sue and be sued in its corporate name, and complain and defend in courts of competent jurisdiction;

(9) acquire, hold, lease, mortgage, or dispose of, at public or private sale, real and personal property, and otherwise exercise all the usual incidents of ownership of property necessary and convenient to its operations;

(10) modify or consent to the modification of any contract or agreement to which it is a party or in which it has an interest under sections 2007a to 2007e of this title;

(11) make such rules and regulations as the Board determines necessary and appropriate to carry out the authority vested in the Board under sections 2007a to 2007e of this title;

(12) procure the temporary (not in excess of 2 years) or intermittent services of experts or consultants or organizations thereof, without regard to the civil service and classification laws and without regard to section 5 of title 41, at rates not to exceed the daily equivalent of the highest rate payable under section 5332 of title 5, including traveltime, and while such individual is away from the home or regular place of business of such individual, travel expenses as authorized under section 5703 of title 5; and

(13) exercise other powers as set forth in sections 2007a to 2007e of this title, and such other incidental powers as are necessary to carry out its powers, duties, and functions in accordance with sections 2007a to 2007e of this title.

(Pub. L. 101 624, title XXIII, §2312, Nov. 28, 1990, 104 Stat. 3984.)

References in Text

The Federal Credit Union Act, referred to in subsec. (a), is act June 26, 1934, ch. 750, 48 Stat. 1216 , as amended, which is classified generally to chapter 14 (§1751 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see section 1751 of Title 12 and Tables.

The civil service laws, referred to in subsec. (c)(12), are set forth in Title 5, Government Organization and Employees. See, particularly, section 3301 et seq. of Title 5.

The classification laws, referred to in subsec. (c)(12), are classified to chapter 51 (§5101 et seq.) and subchapter III (§5331 et seq.) of chapter 53 of Title 5.

Codification

Section was enacted as part of the Rural Economic Development Act of 1990, and also as part of the Food, Agriculture, Conservation, and Trade Act of 1990, and not as part of the Consolidated Farm and Rural Development Act which comprises this chapter.

Effective Date

Section effective Oct. 1, 1991, see section 2007(d) of this title.

Section Referred to in Other Sections

This section is referred to in sections 2007, 2007a, 2007c, 2007d, 2007e of this title.

¹So in original. A closing parenthesis probably should precede the comma.

²So in original. Probably should be subchapter "I".