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15 U.S.C. § 80a–55

Qualifications of directors

United States · Title 15 — COMMERCE AND TRADE · Status: effective

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15 U.S.C. § 80a–55, Qualifications of directors, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/440159
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A majority of a business development company’s directors or general partners shall be persons who are not interested persons of such company. 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.

Legislative history

The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.

  • Enacted byPub. L. 96-477(H.R. 7554)1980-10-21
    An act to amend the Federal securities laws to provide incentives for small business investment, and for other purposes.
    House: no recorded tallySenate: no recorded tally