2015 US Code
Title 15 - Commerce and Trade (Sections 1 - 8405)
Chapter 2D - Investment Companies and Advisers (Sections 80a-1 - 80b-21)
Subchapter I - Investment Companies (Sections 80a-1 - 80a-64)
Sec. 80a-55 - Qualifications of directors
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 15 - COMMERCE AND TRADE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 15 - COMMERCE AND TRADE CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS SUBCHAPTER I - INVESTMENT COMPANIES Sec. 80a-55 - Qualifications of directors |
| Contains | section 80a-55 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Aug. 22, 1940, ch. 686, title I, §56, as added Pub. L. 96-477, title I §105, Oct. 21, 1980, 94 Stat. 2280. |
| Statutes at Large Reference | 94 Stat. 2280 |
| Public and Private Law | Public Law 96-477 |
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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.
(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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