Contents
- (a) Purposes
- (b) Authorization of appropriations
- (c) Nonapplicability of other laws
- (d) Designation of Enterprise Funds1 change
- (e) Grants to Enterprise Funds1 change
- (f) Eligible programs and projects
- (g) Matters to be considered by Enterprise Funds
- (h) Retention of interest
- (i) Use of United States private venture capital
- (j) Financial instruments for individual investment in Poland
- (k) Nonapplicability of other laws
- (l) Limitation on payments to Enterprise Fund personnel1 change
- (m) Independent private audits
- (n) GAO audits1 change
- (o) Recordkeeping requirements
- (p) Annual reports
(d)
(1)The President is authorized to designate two private, nonprofit organizations as eligible to receive funds and support pursuant to this section upon determining that such organizations have been established for the purposes specified in subsection (a). For purposes of this chapter, the organizations so designated shall be referred to as the Polish-American Enterprise Fund and the Hungarian-American Enterprise Fund (hereinafter in this section referred to as the “Enterprise Funds”).
(2)The President shall consult with the leadership of each House of Congress before designating an organization pursuant to paragraph (1).
(3)
(A)Each Enterprise Fund shall be governed by a Board of Directors comprised of private citizens of the United States, and citizens of the respective host country, who have demonstrated experience and expertise in those areas of private sector development in which the Enterprise Fund is involved.
(B)A majority of the members of the Board of Directors of each Enterprise Fund shall be United States citizens.: 1 Provided, That, as to Enterprise Funds established with respect to more than one host country, such Enterprise Fund may, in lieu of the appointment of citizens of the host countries to its Board of Directors, establish an advisory council for the host region comprised of citizens of each of the host countries or establish separate advisory councils for each of the host countries (hereinafter in this section referred to as the “Advisory Councils”), with which the Enterprise Fund’s policies and proposed activities and such host country citizens shall satisfy the experience and expertise requirements of this clause.
(C)A host country citizen who is not committed to respect for democracy and a free market economy may not serve as a member of the Board of Directors of an Enterprise Fund.
(4)Grants may be made to an Enterprise Fund under this section only if the Enterprise Fund agrees to comply with the requirements specified in this section.
(5)Nothing in this section shall be construed to make an Enterprise Fund an agency or establishment of the United States Government, or to make the officers, employees, or members of the Board of Directors of an Enterprise Fund officers or employees of the United States for purposes of title 5.
United States Government work; public domain under 17 U.S.C. § 105.