17 C.F.R. § 270.32a-1 Exemption of certain companies from affiliation provisions of section 32(a).
Title 17 - Commodity and Securities Exchanges
A registered investment company shall be exempt from the provisions of paragraph (1) of section 32(a) of the Act (54 Stat. 838; 15 U.S.C. 80a–31), insofar as said paragraph requires that independent public accounts for such company be selected by a majority of certain members of the board of directors, if: (a) Such company meets the conditions of paragraphs (1) to (8), inclusive, of section 10(d) of the Act (54 Stat. 807; 15 U.S.C. 80a–10); and (b) Such accountants are selected by a majority of all the members of the board of directors. [Rule N–32A–1, 6 FR 6631, Dec. 23, 1941]
Title 17: Commodity and Securities Exchanges
PART 270—RULES AND REGULATIONS, INVESTMENT COMPANY ACT OF 1940
§ 270.32a-1 Exemption of certain companies from affiliation provisions of section 32(a).
