§ 80a-55. — Qualifications of directors.
[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-55]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I--INVESTMENT COMPANIES
Sec. 80a-55. Qualifications of directors
(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.
(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.)
Section Referred to in Other Sections
This section is referred to in sections 80a-2, 80a-6, 80a-53, 80a-
60, 80b-2 of this title.
