15 U.S.C. § 80a–21 — Loans by management companies

FEDERAL · 15 U.S.C. · Chapter 2D

Loans by management companies

Current through Pub. L. 119-102

Title 15 — Commerce and Trade·Ch. 2D — INVESTMENT COMPANIES AND ADVISERS·Subch. I

It shall be unlawful for any registered management company to lend money or property to any person, directly or indirectly, if—

(a)the investment policies of such registered company, as recited in its registration statement and reports filed under this subchapter, do not permit such a loan; or

(b)such person controls or is under common control with such registered company; except that the provisions of this paragraph shall not apply to any loan from a registered company to a company which owns all of the outstanding securities of such registered company, except directors' qualifying shares.

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It shall be unlawful for any registered management company to lend money or property to any person, directly or indirectly, if—
(a) the investment policies of such registered company, as recited in its registration statement and reports filed under this subchapter, do not permit such a loan; or
(b) such person controls or is under common control with such registered company; except that the provisions of this paragraph shall not apply to any loan from a registered company to a company which owns all of the outstanding securities of such registered company, except directors' qualifying shares.

15 U.S.C. § 80a–21 (Loans by management companies) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Source Credit

History

(Aug. 22, 1940, ch. 686, title I, §21, 54 Stat. 822; Pub. L. 100–181, title VI, §615, Dec. 4, 1987, 101 Stat. 1262.)

Editorial Notes

Editorial Notes

Amendments
1987—Subsec. (b). Pub. L. 100–181 struck out "to the extension or renewal of any such loan made prior to March 15, 1940, or" after "shall not apply".