15 USC § 80a–55 - Qualifications of directors | LII / Legal Information Institute

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Current through Pub. L. 112-90. (See Public Laws for the current Congress.)

(a) Non-interested persons

A majority of a business development company’s directors or general partners shall be persons who are not interested persons of such company.

(b) Vacancies; suspension of provisions

If, by reason of the death, disqualification, or bona fide resignation of any director or general partner, a business development company does not meet the requirements of subsection (a) of this section, or the requirements of section 80a–15 (f)(1) of this title with respect to directors, the operation of such provisions shall be suspended for a period of 90 days or for such longer period as the Commission may prescribe, upon its own motion or by order upon application, as not inconsistent with the protection of investors.

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(a) Non-interested persons

A majority of a business development company’s directors or general partners shall be persons who are not interested persons of such company.

(b) Vacancies; suspension of provisions

If, by reason of the death, disqualification, or bona fide resignation of any director or general partner, a business development company does not meet the requirements of subsection (a) of this section, or the requirements of section 80a–15 (f)(1) of this title with respect to directors, the operation of such provisions shall be suspended for a period of 90 days or for such longer period as the Commission may prescribe, upon its own motion or by order upon application, as not inconsistent with the protection of investors.

Source

(Aug. 22, 1940, ch. 686, title I, § 56, as added Pub. L. 96–477, title I§ 105,Oct. 21, 1980, 94 Stat. 2280.)

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15 USC	Description of Change	Session Year	Public Law	Statutes at Large

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17 CFR - Title 17—Commodity and Securities Exchanges

17 CFR 270 - RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940

15 USC § 80a–55 - Qualifications of directors

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