Section 54 -- Election to Be Regulated as Business Development Company
Eligibility. Any company defined in section 2(a)(48)(A)
and (B) [15 USCS § 80a-2(a)(48)(A) and (B)] may elect to be subject to the
provisions of sections 55 through 65 [15 USCS § § 80a-54-80a-64] by filing
with the Commission a notification of election, if such company--
has a class of its equity securities registered under
section 12 of the Securities Exchange Act of 1934 [15 USCS § 78l]; or
has filed a registration statement pursuant to section
12 of the Securities Exchange Act of 1934 [15 USCS § 78l] for a class
of its equity securities.
Form and manner of notification; effect. The Commission
may, by rule, prescribe the form and manner in which notification of election
under this section shall be given. A business development company shall be
deemed to be subject to sections 55 through 65 [15 USCS § § 80a-54-80a-64]
upon receipt by the Commission of such notification of election.
Revocation or withdrawal of election. Whenever the Commission
finds, on its own motion or upon application, that a business development
company which has filed a notification of election pursuant to subsection
(a) of this section has ceased to engage in business, the Commission shall
so declare by order revoking such company's election. Any business development
company may voluntarily withdraw its election under subsection (a) by filing
a notice of withdrawal of election with the Commission, in a form and manner
which the Commission may, by rule, prescribe. Such withdrawal shall be effective
immediately upon receipt by the Commission.
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