2021 US Code
Title 15 - Commerce and Trade
Chapter 2D - Investment Companies and Advisers
Subchapter I - Investment Companies
Sec. 80a-55 - Qualifications of directors
| 15 U.S.C. § 80a-55 (2021) |
| §80a–55. Qualifications of directors |
|
(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 provisionsIf, 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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(Aug. 22, 1940, ch. 686, title I, §56, as added Pub. L. 96–477, title I §105, Oct. 21, 1980, 94 Stat. 2280.) |
| United States Code, 2018 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 15 - COMMERCE AND TRADE CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS SUBCHAPTER I - INVESTMENT COMPANIES Sec. 80a-55 - Qualifications of directors |
| section 80a-55 |
| 2021 |
| January 3, 2022 |
| No |
| standard |
| 94 Stat. 2280 |
| Public Law 96-477 |
