CITE

    15 USC Sec. 80a-21                                          01/05/2009

EXPCITE

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

HEAD

    Sec. 80a-21. Loans by management companies

STATUTE

      It shall be unlawful for any registered management company to
    lend money or property to any person, directly or indirectly, if -
      (a) the investment policies of such registered company, as
    recited in its registration statement and reports filed under this
    subchapter, do not permit such a loan; or
      (b) such person controls or is under common control with such
    registered company; except that the provisions of this paragraph
    shall not apply to any loan from a registered company to a company
    which owns all of the outstanding securities of such registered
    company, except directors' qualifying shares.

SOURCE

    (Aug. 22, 1940, ch. 686, title I, Sec. 21, 54 Stat. 822; Pub. L.
    100-181, title VI, Sec. 615, Dec. 4, 1987, 101 Stat. 1262.)

AMENDMENTS

      1987 - Subsec. (b). Pub. L. 100-181 struck out "to the extension
    or renewal of any such loan made prior to March 15, 1940, or" after
    "shall not apply".
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