SUBCHAPTER IV—PRIVATIZATION OF CORPORATION

§2297d. Strategic plan for privatization

(a) In general

Within 2 years after the transition date, the Corporation shall prepare a strategic plan for transferring ownership of the Corporation to private investors. The Corporation shall revise the plan as needed.

(b) Consideration of alternative means of transferring ownership

The plan shall include consideration of alternative means for transferring ownership of the Corporation to private investors, including public stock offering, private placement, or merger or acquisition. The plan may call for the phased transfer of ownership or for complete transfer at a single point of time. If the plan calls for phased transfer of ownership, then—

(1) privatization shall be deemed to occur when 100 percent of ownership has been transferred to private investors;

(2) prior to privatization, such stock shall be nonvoting stock; and

(3) at the time of privatization, such stock shall convert to voting stock.

(c) Evaluation and recommendation

The plan shall evaluate the relative merits of the alternatives considered and the estimated return on the Government's investment in the Corporation achievable through each alternative. The plan shall include the Corporation's recommendation on its preferred means of privatization.

(d) Transmittal

The Corporation shall transmit copies of the strategic plan for privatization to the President and Congress upon completion.

(Aug. 1, 1946, ch. 724, title II, §1501, as added Oct. 24, 1992, Pub. L. 102–486, title IX, §901, 106 Stat. 2937.)

Section Referred to in Other Sections

This section is referred to in section 2297d–1 of this title.

§2297d–1. Privatization

(a) Implementation

Subsequent to transmitting a plan for privatization pursuant to section 2297d of this title, and subject to subsections (b) and (c) of this section, the Corporation may implement the privatization plan if the Corporation determines, in consultation with appropriate agencies of the United States, that privatization will—

(1) result in a return to the United States at least equal to the net present value of the Corporation;

(2) not result in the Corporation being owned, controlled, or dominated by an alien, a foreign corporation, or a foreign government;

(3) not be inimical to the health and safety of the public or the common defense and security; and

(4) provide reasonable assurance that adequate enrichment capacity will remain available to meet the domestic electric utility industry.

(b) Requirement of Presidential approval

The Corporation may not implement the privatization plan without the approval of the President.

(c) Notification of Congress and GAO evaluation

The Corporation shall notify the Congress of its intent to implement the privatization plan. Within 30 days of notification, the Comptroller General shall submit a report to Congress evaluating the extent to which—

(1) the privatization plan would result in any ongoing obligation or undue cost to the Federal Government; and

(2) the revenues gained by the Federal Government under the privatization plan would represent at least the net present value of the Corporation.

(d) Period for Congressional review

The Corporation may not implement the privatization plan less than 60 days after notification of the Congress.

(e) Deposit of proceeds

Proceeds from the sale of capital stock of the Corporation under this section shall be deposited in the general fund of the Treasury.

(Aug. 1, 1946, ch. 724, title II, §1502, as added Oct. 24, 1992, Pub. L. 102–486, title IX, §901, 106 Stat. 2938.)

Section Referred to in Other Sections

This section is referred to in sections 2297b–3, 2297c–3, 2297e–1 of this title.