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1995 U.S. Code
Title 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I - INVESTMENT COMPANIES
Sec. 80a-55 - Qualifications of directors

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Metadata
Publication TitleUnited States Code, 1994 Edition, Supplement 1, Title 15 - COMMERCE AND TRADE
CategoryBills and Statutes
CollectionUnited States Code
SuDoc Class NumberY 1.2/5:
Contained WithinTitle 15 - COMMERCE AND TRADE
CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I - INVESTMENT COMPANIES
Sec. 80a-55 - Qualifications of directors
Containssection 80a-55
Date1995
Laws in Effect as of DateJanuary 16, 1996
Positive LawNo
Dispositionstandard
Source CreditAug. 22, 1940, ch. 686, title I, §56, as added Oct. 21, 1980, Pub. L. 96-477, title I §105, 94 Stat. 2280.
Statutes at Large Reference94 Stat. 2280
Public Law ReferencePublic Law 96-477

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§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 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.

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

Section Referred to in Other Sections

This section is referred to in sections 80a–2, 80a–6, 80a–53, 80a–60, 80b–2 of this title.

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