Securities Lawyer's Deskbook
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The
Investment Company Act of 1940





Section 65 -- Preventing Compliance with Title; Liability of Controlling Persons


Notwithstanding the exemption set forth in section 6(f) [15 USCS § 80a-6(f)], section 48 [15 USCS § 80a-47] shall apply to a business development company to the same extent as if it were a registered closed-end investment company, except that the provisions of section 48(a) [15 USCS§ 80a-47(a)] shall not be construed to require any company which is not an investment company within the meaning of section 3(a) [15 USCS § 80a-3(a)] to comply with the provisions of this title which are applicable to a business development company solely because such company is a wholly-owned subsidiary of, or directly or indirectly controlled by, a business development company.


Legislative History


Aug. 22, 1940, ch 686, Title I, § 65, as added Oct. 21, 1980, P.L. 96-477, Title I, § 105 in part, 94 Stat. 2289.


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