Page:United States Statutes at Large Volume 106 Part 5.djvu/226

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106 STAT. 3864 PUBLIC LAW 102-550—OCT. 28, 1992 (A) IN GENERAL. —In establishing requirements to carry out the provisions of this section, and in considering _ applications under this section, the Secretary shall consult with an advisory board comprised of the following members: (i) the Administrator of the Small Business ,. Administration; (ii) two representatives from among the Federal financial supervisory agencies who possess expertise in matters related to extending credit to persons in low-income communities; (iii) two representatives of organizations that possess expertise m development of low-income housing; (iv) two representatives of organizations that possess expertise in economic development; (v) two representatives of organizations that possess expertise in small business development; (vi) two representatives from organizations that possess expertise in the needs of low-income communities; and (vii) two representatives from community investment corporations receiving assistance under tiiis section. (B) CHAIRPERSON.—The Board shall elect from among its members a chairperson who shall serve for a term of 2years. (C) TERMS.— The members shall serve for terms of 3 years which shall expire on a staggered basis. (D) REIMBURSEMENT.— The members shall serve without additional compensation but shall be reimbursed for travel, per diem, and other necessary expenses incurred in the performance of their duties as members of the advisory board, in accordance with sections 5702 and 5703 of title 5, United States Code. (E) DESIGNATED REPRESENTATIVES.— A member who is necessarily absent from a meeting of the board, or of a committee of the board, may participate in such meeting through a duly designated representative who is serving in the same agency or organization as the absent member. (F) QUORUM.— The presence of a msgority of members, or their representatives, shall constitute a quorum. (12) EVALUATION AND REPORT. —The Secretary shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Banking, Finance and Urban Affairs of the House of Representatives an annual report containing a summary of the activities carried out under this section during the fiscal year and any preliminary findings or conclusions drawn from the demonstration program. (13) No BENEFIT RULE. —To the extent that assistance is provided to an eligible organization that is a depositonr institution holding company, the Secretary shall ensure, to the extent practicable, that such assistance does not inure to the benefit of directors, officers, employees and stockholders. (14) REGULATIONS.— (A) The Secretary shall issue such regulations as may be necessary to carry out the provisions of this subsection. (B) The appropriate Federal financial supervisory agency, by regulation or order—