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15 U.S.C. § 80a–57 — Changes in investment policy

submitted 86 years ago by Pub. L. 96-477 to r/title-15-COMMERCE-AND-TRADE · 43 words · no verdicts yet

in plain englishAI-generated · not legal advice

A business development company needs a majority vote of its owners before it can stop being one. The same vote is required to withdraw its election as a business development company.

A business development company can't change the nature of its business so as to stop being one, and can't withdraw its election as one, unless a majority vote of its outstanding voting securities or partnership interests authorizes it.
the actual law source: uscode.house.gov ↗public domain

No business development company shall, unless authorized by the vote of a majority of its outstanding voting securities or partnership interests, change the nature of its business so as to cease to be, or to withdraw its election as, a business development company.

Source credit: (Aug. 22, 1940, ch. 686, title I, § 58, as added Pub. L. 96–477, title I, § 105, Oct. 21, 1980, 94 Stat. 2285.)

history & why it existsrecord from the source credit
  • 1940Enacted · Pub. L. 96-477 · 94 Stat. 2285

A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-477 on 1940-08-22.

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