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Code of Federal Regulations Title 7. Agriculture § 7.1717.609 RUS approval of general manager

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) If a borrower's mortgage or loan contract grants RUS the unconditioned right to approve the employment and/or the employment contract of the general manager of the borrower's system, such approval is hereby granted provided that the borrower is in compliance with all provisions of its loan documents and any other agreements with RUS.

(b) If a borrower is in default with respect to any provision of its loan documents or any other agreement with RUS:

(1) Such borrower, if directed in writing by RUS, shall replace its general manager within 30 days after the date of such written notice;  and

(2) Such borrower shall not hire a general manager without prior written approval by RUS.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.1717.609 RUS approval of general manager - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-1717-609/

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