MWOB Law and Legal Definition

According to 12 CFR 4.62 [Title 12 -- Banks And Banking; Chapter I -- Comptroller of the Currency, Department of the Treasury; Part 4 -- Organization and Functions, Availability and Release of Information, Contracting Outreach Program, Post-Employment Restrictions for Senior Examiners; Subpart D -- Minority-, Women-, and Individuals With Disabilities-Owned Business Contracting Outreach Program; Contracting for Goods and Services], MWOB refers to “minority- and/or women-owned (small and large) businesses and entities owned by minorities and women. These are firms at least 51 percent unconditionally-owned by one or more members of a minority group or by one or more women who are citizens of the United States. In the case of publicly-owned companies, at least 51 percent of each class of voting stock must be unconditionally-owned by one or more members of a minority group or by one or more women who are citizens of the United States. In the case of a partnership, at least 51 percent of the partnership interest must be unconditionally-owned by one or more members of a minority group or by one or more women who are citizens of the United States. Additionally, for the foregoing cases, the management and daily business operations must be controlled by one or more such individuals.”