CITE

    15 USC Sec. 80a-55                                          01/05/2009

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2D - INVESTMENT COMPANIES AND ADVISERS
    SUBCHAPTER I - INVESTMENT COMPANIES

HEAD

    Sec. 80a-55. Qualifications of directors

STATUTE

    (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, Sec. 56, as added Pub. L. 96-477,
    title I Sec. 105, Oct. 21, 1980, 94 Stat. 2280.)