15 USC Sec. 80a-13                                          01/05/2009




    Sec. 80a-13. Changes in investment policy


      (a) No registered investment company shall, unless authorized by
    the vote of a majority of its outstanding voting securities -
        (1) change its subclassification as defined in section 80a-
      5(a)(1) and (2) of this title or its subclassification from a
      diversified to a nondiversified company;
        (2) borrow money, issue senior securities, underwrite
      securities issued by other persons, purchase or sell real estate
      or commodities or make loans to other persons, except in each
      case in accordance with the recitals of policy contained in its
      registration statement in respect thereto;
        (3) deviate from its policy in respect of concentration of
      investments in any particular industry or group of industries as
      recited in its registration statement, deviate from any
      investment policy which is changeable only if authorized by
      shareholder vote, or deviate from any policy recited in its
      registration statement pursuant to section 80a-8(b)(3) of this
      title; or
        (4) change the nature of its business so as to cease to be an
      investment company.
      (b) In the case of a common-law trust of the character described
    in section 80a-16(c) of this title, either written approval by
    holders of a majority of the outstanding shares of beneficial
    interest or the vote of a majority of such outstanding shares cast
    in person or by proxy at a meeting called for the purpose shall for
    the purposes of subsection (a) of this section be deemed the
    equivalent of the vote of a majority of the outstanding voting
    securities, and the provisions of paragraph (42) of section 80a-
    2(a) of this title as to a majority shall be applicable to the
    vote cast at such a meeting.
      (c) Limitation on Actions. -
        (1) In general. - Notwithstanding any other provision of
      Federal or State law, no person may bring any civil, criminal, or
      administrative action against any registered investment company,
      or any employee, officer, director, or investment adviser
      thereof, based solely upon the investment company divesting from,
      or avoiding investing in, securities issued by persons that the
      investment company determines, using credible information that is
      available to the public, conduct or have direct investments in
      business operations in Sudan described in section 3(d) of the
      Sudan Accountability and Divestment Act of 2007.
        (2) Applicability. -
          (A) Actions for breaches of fiduciary duties. - Paragraph (1)
        does not prevent a person from bringing an action based on a
        breach of a fiduciary duty owed to that person with respect to
        a divestment or non-investment decision, other than as
        described in paragraph (1).
          (B) Disclosures. - Paragraph (1) shall not apply to a
        registered investment company, or any employee, officer,
        director, or investment adviser thereof, unless the investment
        company makes disclosures in accordance with regulations
        prescribed by the Commission.
        (3) Person defined. - For purposes of this subsection the term
      "person" includes the Federal Government and any State or
      political subdivision of a State.


    (Aug. 22, 1940, ch. 686, title I, Sec. 13, 54 Stat. 811; Pub. L. 91-
    547, Secs. 2(b), 3(d), Dec. 14, 1970, 84 Stat. 1414, 1415; Pub. L.
    94-29, Sec. 28(4), June 4, 1975, 89 Stat. 165; Pub. L. 110-174,
    Sec. 4(a), Dec. 31, 2007, 121 Stat. 2519.)
Customized queries of TRAC's data TRAC FBI Web Site TRAC DEA Web Site TRAC Immigration Web Site TRAC DHS Web Site TRAC IRS Web Site TRAC ATF Web Site TRAC Reports Web Site
Transactional Records Access Clearinghouse, Syracuse University
Copyright 2010
TRAC Web Site