; and (B) that results in the station being owned by socially and economically disadvantaged individuals. (2) Sale by investor in station owned by socially and economically disadvantaged individuals In the case of a person who has contributed capital in exchange for an interest in a broadcast station that is owned by socially and economically disadvantaged individuals, a sale by such person of some or all of such interest. (c) Rules The Commission shall adopt rules for the issuance of a certificate under subsection (a) that provide for the following: (1) Limit on value of sale A limit on the value of an interest the sale of which qualifies for the issuance of such a certificate. (2) Minimum holding period In the case of a sale described in subsection (b)(1), a minimum period following the sale during which the broadcast station must remain owned by socially and economically disadvantaged individuals. (3) Cumulative limit on number or value of sales A limit on the total number of sales or the total value of sales, or both, for which a person may be issued certificates under subsection (a). (4) Participation in station management by socially and economically disadvantaged individuals Requirements for participation by socially and economically disadvantaged individuals in the management of the broadcast station. (d) Annual report to Congress The Commission shall submit to Congress an annual report describing the sales for which certificates have been issued under subsection (a) during the period covered by the report. (e) Definitions In this section: (1) Owned by socially and economically disadvantaged individuals The term owned by socially and economically disadvantaged individuals means, with respect to a broadcast station, that— (A) such station is at least 51 percent owned by one or more socially and economically disadvantaged individuals, or, in the case of any publicly owned broadcast station, at least 51 percent of the stock of such station is owned by one or more socially and economically disadvantaged