Securities Lawyer's Deskbook
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Investment Company Act of 1940

Section 60-- Functions and Activities of Business Development Companies

Notwithstanding the exemption set forth in section 6(f) [15 USCS § 80a-6(f)], section 12 [15 USCS § 80a-12] shall apply to a business development company to the same extent as if it were a registered closed-end investment company, except that the Commission shall not prescribe any rule, regulation, or order pursuant to section 12(a)(1) [15 USCS § 80a-12(a)(1)] governing the circumstances in which a business development company may borrow from a bank in order to purchase any security.

Legislative History

Aug. 22, 1940, ch 686, Title I, § 60, as added Oct. 21, 1980, P.L. 96-477, Title I, § 105 in part, 94 Stat. 2285.

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