CITE

    15 USC Sec. 80a-61                                          01/05/2009

EXPCITE

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

HEAD

    Sec. 80a-61. Loans

STATUTE

      Notwithstanding the exemption set forth in section 80a-6(f) of
    this title, section 80a-21 of this title shall apply to a business
    development company to the same extent as if it were a registered
    closed-end investment company, except that nothing in that section
    shall be deemed to prohibit -
        (1) any loan to a director, officer, or employee of, or general
      partner in, a business development company for the purpose of
      purchasing securities of such company as part of an executive
      compensation plan, if such loan meets the requirements of section
      80a-56(j) of this title; or
        (2) any loan to a company controlled by a business development
      company, which companies could be deemed to be under common
      control solely because a third person controls such business
      development company.

SOURCE

    (Aug. 22, 1940, ch. 686, title I, Sec. 62, as added Pub. L. 96-477,
    title I, Sec. 105, Oct. 21, 1980, 94 Stat. 2287.)
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