§1780.42. Transfer of obligations.

7 C.F.R. § 1780.42

An obligation of funds established for an applicant may be transferred to a different (substituted) applicant provided:

(a)

The substituted applicant is eligible and has the authority to receive the assistance approved for the original applicant; and

(b)

The need, purpose(s) and scope of the project for which RUS funds will be used remain substantially unchanged.

Notes, amendments, and revision history

Authority: 5 U.S.C. 301; 7 U.S.C. 1989; 16 U.S.C. 1005.

Source: 62 FR 33478, June 19, 1997, unless otherwise noted.