§ 270.32a-1Exemption of certain companies from affiliation provisions of section 32(a).
A registered investment company shall be exempt from the provisions of paragraph (1) of section 32(a) of the Act (54 Stat. 838; 15 U.S.C. 80a-31), insofar as said paragraph requires that independent public accounts for such company be selected by a majority of certain members of the board of directors, if:
(a) Such company meets the conditions of paragraphs (1) to (8), inclusive, of section 10(d) of the Act (54 Stat. 807; 15 U.S.C. 80a-10); and
(b) Such accountants are selected by a majority of all the members of the board of directors.
[Rule N-32A-1, 6 FR 6631, Dec. 23, 1941]
Title 17 published on 2014-04-01
no entries appear in the Federal Register after this date.
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