§ 80a-53. — Election to be regulated as business development company.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC80a-53]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I--INVESTMENT COMPANIES
Sec. 80a-53. Election to be regulated as business development
company
(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.
(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''.
Section Referred to in Other Sections
This section is referred to in section 80b-3 of this title.
