Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 32a-1 -- Exemption of Certain Companies from Affiliation Provisions of Section 32(a)
A registered investment company shall be exempt from the provisions of paragraph
(1) of section 32(a) of the Act, insofar as said paragraph requires that independent
public accounts for such company be selected by a majority of certain members of
the board of directors, if:
Such company meets the conditions of paragraphs (1) to (8),
inclusive, of section 10(d) of the Act; and
Such accountants are selected by a majority of all
the members of the board of directors.
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