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.)