United States Code
USC most recently checked for updates: Sep 27, 2023
The term “Board” means the Board of Directors established under subsection (f).
The term “Center” means the National Sheep Industry Improvement Center established under subsection (b).
The term “Fund” means the National Sheep Industry Improvement Center Revolving Fund established under subsection (e).
The term “intermediary” means a financial institution receiving Center funds for establishing a revolving fund and relending to an eligible entity.
The Secretary shall establish a National Sheep Industry Improvement Center.
The Center shall submit to the Secretary an annual strategic plan for the delivery of financial assistance provided by the Center.
There is established in the Treasury the National Sheep Industry Improvement Center Revolving Fund. The Fund shall be available to the Center, without fiscal year limitation, to carry out the authorized programs and activities of the Center under this section.
The Center may use amounts in the Fund to make direct loans, loan guarantees, cooperative agreements, equity interests, investments, repayable grants, and grants to eligible entities, either directly or through an intermediary, in accordance with a strategic plan submitted under subsection (d).
The Center shall manage the Fund in a manner that ensures that sufficient amounts are available in the Fund to carry out subsection (c). The Fund is intended to furnish the initial capital for a revolving fund that will eventually be privatized for the purposes of assisting the United States sheep and goat industries.
The Center shall, to the maximum extent practicable, use the Fund to serve broad geographic areas and regions of diverse production.
None of the amounts in the Fund may be used to influence legislation.
To be eligible to receive amounts from the Fund, an entity must agree to account for the amounts using generally accepted accounting principles.
A loan from the Fund may be made at an interest rate that is below the market rate or may be interest free.
The Center may not make a loan from the Fund unless the recipient establishes an assured source of repayment.
All payments of principal and interest on a loan made from the Fund shall be deposited into the Fund.
The Center shall use the Fund only to supplement and not to supplant Federal, State, and private funds expended for rural development.
The management of the Center shall be vested in a Board of Directors.
The Secretary shall appoint the voting members of the Board from nominations submitted by organizations described in subparagraph (B).
Subject to subparagraph (B), the term of office of a voting member of the Board shall be 3 years.
The initial voting members of the Board (other than the chairperson of the initially established Board) shall serve for staggered terms of 1, 2, and 3 years, as determined by the Secretary.
A voting member may be reappointed for not more than one additional term.
A vacancy on the Board shall be filled in the same manner as the original Board.
A voting member appointed to fill a vacancy for an unexpired term may be reappointed for one full term.
The Board shall select a chairperson from among the voting members of the Board.
The term of office of the chairperson shall be 2 years.
The location of a meeting of the Board shall be established by the Board.
A quorum of the Board shall consist of a majority of the voting members.
A decision of the Board shall be made by a majority of the voting members of the Board.
Any action by a member of the Board that violates subparagraph (A) shall be cause for removal from the Board.
An action by a member of the Board that violates subparagraph (A) shall not impair or otherwise affect the validity of any otherwise lawful action by the Board.
If a member of the Board makes a full disclosure of an interest and, prior to any participation by the member, the Board determines, by majority vote, that the interest is too remote or too inconsequential to affect the integrity of any participation by the member, the member may participate in the matter relating to the interest, except as provided in subparagraph (E)(iii).
A member that discloses an interest under clause (i) shall not vote on a determination of whether the member may participate in the matter relating to the interest.
The Secretary may vacate and remand to the Board for reconsideration any decision made pursuant to subsection (e)(3)(H) if the Secretary determines that there has been a violation of this paragraph or any conflict of interest provision of the bylaws of the Board with respect to the decision.
In the case of any violation and remand of a funding decision to the Board under clause (i), the Secretary shall inform the Board of the reasons for the remand.
If a decision with respect to a matter is remanded to the Board by reason of a conflict of interest faced by a Board member, the member may not participate in any subsequent decision with respect to the matter.
A member of the Board shall not receive any compensation by reason of service on the Board.
A member of the Board shall be reimbursed for travel, subsistence, and other necessary expenses incurred by the member in the performance of a duty of the member.
The Board shall adopt, and may from time to time amend, any bylaw that is necessary for the proper management and functioning of the Center.
Not later than 1 year after
The Board shall provide a system of organization to fix responsibility and promote efficiency in carrying out the functions of the Board.
The Board may, with the consent of the Secretary, utilize the facilities of and the services of employees of the Department of Agriculture, without cost to the Center.
The Board shall appoint an executive director to be the chief executive officer of the Center.
The executive director shall serve at the pleasure of the Board.
Compensation for the executive director shall be established by the Board.
The Board may select and appoint officers, attorneys, employees, and agents who shall be vested with such powers and duties as the Board may determine.
The Board may, by resolution, delegate to the chairperson, the executive director, or any other officer or employee any function, power, or duty of the Board other than voting on a grant, loan, contract, agreement, budget, or annual strategic plan.
The Secretary shall review and monitor compliance by the Board and the Center with this section.
The Secretary shall rescind sanctions imposed under paragraph (2) on a finding by the Secretary that there is no longer any failure by the Board or the Center to comply with this section or that the noncompliance will be promptly corrected.