CITE

    15 USC Sec. 80a-53                                          01/05/2009

EXPCITE

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

HEAD

    Sec. 80a-53. Election to be regulated as business development
      company

STATUTE

    (a) Eligibility
      Any company defined in section 80a-2(a)(48)(A) and (B) of this
    title may elect to be subject to the provisions of sections 80a-54
    through 80a-64 of this title by filing with the Commission a
    notification of election, if such company -
        (1) has a class of its equity securities registered under
      section 78l of this title; or
        (2) has filed a registration statement pursuant to section 78l
      of this title for a class of its equity securities.
    (b) Form and manner of notification; effect
      The Commission may, by rule, prescribe the form and manner in
    which notification of election under this section shall be given. A
    business development company shall be deemed to be subject to
    sections 80a-54 through 80a-64 of this title upon receipt by the
    Commission of such notification of election.
    (c) Revocation or withdrawal of election
      Whenever the Commission finds, on its own motion or upon
    application, that a business development company which has filed a
    notification of election pursuant to subsection (a) of this section
    has ceased to engage in business, the Commission shall so declare
    by order revoking such company's election. Any business development
    company may voluntarily withdraw its election under subsection (a)
    of this section by filing a notice of withdrawal of election with
    the Commission, in a form and manner which the Commission may, by
    rule, prescribe. Such withdrawal shall be effective immediately
    upon receipt by the Commission.

SOURCE

    (Aug. 22, 1940, ch. 686, title I, Sec. 54, as added Pub. L. 96-477,
    title I, Sec. 105, Oct. 21, 1980, 94 Stat. 2278; amended Pub. L.
    100-181, title VI, Sec. 625, Dec. 4, 1987, 101 Stat. 1262.)

AMENDMENTS

      1987 - Subsec. (a). Pub. L. 100-181 substituted "defined in
    section" for "defined in sections".