Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 2a51-3 -- Certain Companies as Qualified Purchasers
For purposes of section 2(a)(51)(A) (ii)
and (iv) of the Act, a company shall
not be deemed to be a qualified purchaser if it was formed for the specific purpose
of acquiring the securities offered by a company excluded from the definition of
investment company by section 3(c)(7) of
the Act unless each beneficial owner of the company's securities is a qualified purchaser.
For purposes of section
2(a)(51) of the Act, a company may be deemed to be a qualified purchaser if each
beneficial owner of the company's securities is a qualified purchaser.
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