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Notes

13 C.F.R. §§ 107.410–107.450

5 sections in range

§107.410. Changes in Control of Licensee (through change in ownership or otherwise).

13 C.F.R. § 107.410

(a)
Prior approval requirements. You must obtain SBA's prior written approval for any proposed transaction or event that results in Control by any Person(s) not previously approved by SBA.
(b)
Fee. A processing fee equal to the combined Licensing Fee (Initial Licensing Fee plus the Final Licensing Fee then in effect) defined in § 107.300 must accompany any application for approval of one or more transactions or events that will result in a transfer of Control.
Notes, amendments, and revision history

Amendments

[61 FR 3189, Jan. 31, 1996, as amended at 82 FR 52185, Nov. 13, 2017]

Authority

Authority: 15 U.S.C. 662, 681-687, 687b-h, 687k-m.

Source

Source: 61 FR 3189, Jan. 31, 1996, unless otherwise noted.

Amendments

[61 FR 3189, Jan. 31, 1996, as amended at 82 FR 52185, Nov. 13, 2017]

§107.420. Prohibition on exercise of ownership or Control rights in Licensee before SBA approval.

13 C.F.R. § 107.420

Without prior written SBA approval, no change of ownership or Control may take effect and no officer, director, employee or other Person acting on your behalf shall:
(a)
Register on your books any transfer of ownership interest to the proposed new owner(s);
(b)
Permit the proposed new owner(s) to exercise voting rights with respect to such ownership interest (including directly or indirectly procuring or voting any proxy, consent or authorization as to such voting rights at any shareholders' or partnership meeting);
(c)
Permit the proposed new owner(s) to participate in any manner in the conduct of your affairs (including exercising control over your books, records, funds or other assets; participating directly or indirectly in any disposition thereof; or serving as an officer, director, partner, employee or agent); or
(d)
Allow ownership or Control to pass to another Person.
Notes, amendments, and revision history

Authority

Authority: 15 U.S.C. 662, 681-687, 687b-h, 687k-m.

Source

Source: 61 FR 3189, Jan. 31, 1996, unless otherwise noted.

§107.430. Notification to SBA of transactions that may change ownership or Control.

13 C.F.R. § 107.430

You must promptly notify SBA as soon as you have knowledge of transactions or events that may result in a transfer of Control or ownership of at least 10 percent of your capital. If there is any doubt as to whether a particular transaction or event will result in such a change, report the facts to SBA.
Notes, amendments, and revision history

Authority

Authority: 15 U.S.C. 662, 681-687, 687b-h, 687k-m.

Source

Source: 61 FR 3189, Jan. 31, 1996, unless otherwise noted.

§107.440. Standards governing prior SBA approval for a proposed transfer of Control.

13 C.F.R. § 107.440

SBA approval is contingent upon full disclosure of the real parties in interest, the source of funds for the new owners' interest, and other data requested by SBA. As a condition of approving a proposed transfer of control, SBA may:
(a)
Require an increase in your Regulatory Capital;
(b)
Require the new owners or the transferee's Control Person(s) to assume, in writing, personal liability for your Leverage, effective only in the event of their direct or indirect participation in any transfer of Control not approved by SBA; or
(c)
Require compliance with any other conditions set by SBA, including compliance with the requirements for minimum capital and management-ownership diversity as in effect at such time for new license applicants.
Notes, amendments, and revision history

Amendments

[61 FR 3189, Jan. 31, 1996]

Authority

Authority: 15 U.S.C. 662, 681-687, 687b-h, 687k-m.

Source

Source: 61 FR 3189, Jan. 31, 1996, unless otherwise noted.

Amendments

[61 FR 3189, Jan. 31, 1996]

§107.450. Notification to SBA of pledge of Licensee's shares.

13 C.F.R. § 107.450

(a)
You must notify SBA in writing, within 30 calendar days, of the terms of any transaction in which:
(1)
Any Person, or group of Persons acting in concert, pledges shares of your stock (or equivalent ownership interests) as collateral for indebtedness; and
(2)
The shares pledged are at least 10 percent of your Regulatory Capital.
(b)
If the transaction creates a change of ownership or Control, you must comply with § 107.400 or § 107.410, as appropriate.
Notes, amendments, and revision history

Authority

Authority: 15 U.S.C. 662, 681-687, 687b-h, 687k-m.

Source

Source: 61 FR 3189, Jan. 31, 1996, unless otherwise noted.