(a) Non-interested personsA 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 provisionsIf, 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.
Structure US Code
CHAPTER 2D— INVESTMENT COMPANIES AND ADVISERS
SUBCHAPTER I— INVESTMENT COMPANIES
§ 80a–1. Findings and declaration of policy
§ 80a–2. Definitions; applicability; rulemaking considerations
§ 80a–3. Definition of investment company
§ 80a–3a. Protection of philanthropy under State law
§ 80a–4. Classification of investment companies
§ 80a–5. Subclassification of management companies
§ 80a–7. Transactions by unregistered investment companies
§ 80a–8. Registration of investment companies
§ 80a–9. Ineligibility of certain affiliated persons and underwriters
§ 80a–10. Affiliations or interest of directors, officers, and employees
§ 80a–11. Offers to exchange securities
§ 80a–12. Functions and activities of investment companies
§ 80a–13. Changes in investment policy
§ 80a–14. Size of investment companies
§ 80a–15. Contracts of advisers and underwriters
§ 80a–17. Transactions of certain affiliated persons and underwriters
§ 80a–18. Capital structure of investment companies
§ 80a–19. Payments or distributions
§ 80a–20. Proxies; voting trusts; circular ownership
§ 80a–21. Loans by management companies
§ 80a–23. Closed-end companies
§ 80a–24. Registration of securities under Securities Act of 1933
§ 80a–25. Reorganization plans; reports by Commission
§ 80a–26. Unit investment trusts
§ 80a–27. Periodic payment plans
§ 80a–28. Face-amount certificate companies
§ 80a–29. Reports and financial statements of investment companies and affiliated persons
§ 80a–30. Accounts and records
§ 80a–31. Accountants and auditors
§ 80a–32. Filing of documents with Commission in civil actions
§ 80a–33. Destruction and falsification of reports and records
§ 80a–34. Unlawful representations and names
§ 80a–35. Breach of fiduciary duty
§ 80a–36. Larceny and embezzlement
§ 80a–37. Rules, regulations, and orders
§ 80a–38. Procedure for issuance of rules and regulations
§ 80a–39. Procedure for issuance of orders
§ 80a–40. Hearings by Commission
§ 80a–41. Enforcement of subchapter
§ 80a–42. Court review of orders
§ 80a–43. Jurisdiction of offenses and suits
§ 80a–44. Disclosure of information filed with Commission; copies
§ 80a–45. Reports by Commission; hiring and leasing authority
§ 80a–46. Validity of contracts
§ 80a–47. Liability of controlling persons; preventing compliance with subchapter
§ 80a–49. Construction with other laws
§ 80a–53. Election to be regulated as business development company
§ 80a–54. Acquisition of assets by business development companies
§ 80a–55. Qualifications of directors
§ 80a–56. Transactions with certain affiliates
§ 80a–57. Changes in investment policy
§ 80a–58. Incorporation of subchapter provisions
§ 80a–59. Functions and activities of business development companies
§ 80a–62. Distribution and repurchase of securities
§ 80a–63. Accounts and records
§ 80a–64. Preventing compliance with subchapter; liability of controlling persons