Suppporting statute

§ 80a–52

TITLE 15—COMMERCE AND TRADE

(Aug. 22, 1940, ch. 686, title I, § 52, 54 Stat. 847.)
SHORT TITLE OF 1996 AMENDMENT
Pub. L. 104–290, title II, § 201, Oct. 11, 1996, 110 Stat.
3426, provided that: ‘‘This title [amending sections
80a–2, 80a–3, 80a–12, 80a–24, 80a–26, 80a–27, 80a–29, 80a–30,
80a–34, and 80b–5 of this title and enacting provisions
set out as notes under sections 80a–2, 80a–3, and 80a–24
of this title] may be cited as the ‘Investment Company
Act Amendments of 1996’.’’
SHORT TITLE OF 1995 AMENDMENT
Pub. L. 104–62, § 1(a), Dec. 8, 1995, 109 Stat. 682, provided that: ‘‘This Act [enacting section 80a–3a of this
title, amending sections 77c, 78c, 78l, 80a–3, 80a–7, and
80b–3 of this title, and enacting provisions set out as a
note under section 77c of this title] may be cited as the
‘Philanthropy Protection Act of 1995’.’’
SHORT TITLE OF 1980 AMENDMENT
Pub. L. 96–477, § 1, Oct. 21, 1980, 94 Stat. 2275, provided
that: ‘‘That this Act [enacting sections 80a–53 to 80a–64
and 80c to 80c–3 of this title, amending sections 77b, 77c,
77d, 77s, 77ddd, 78c, 78kk, 80a–2, 80a–3, 80a–6, 80a–46,
80b–2, 80b–3, and 80b–5 of this title, and enacting provisions set out as notes under sections 77a and 80c of this
title] may be cited as the ‘Small Business Investment
Incentive Act of 1980’.’’
SHORT TITLE OF 1970 AMENDMENT
Pub. L. 91–547, § 1, Dec. 14, 1970, 84 Stat. 1413, provided:
‘‘That this Act [enacting section 80b–6a of this title,
amending sections 77b, 77c, 78c, 78l, 80a–2, 80a–3, 80a–8 to
80a–13, 80a–15, 80a–17 to 80a–19, 80a–22, 80a–24 to 80a–28,
80a–31, 80a–32, 80a–35, 80a–42, 80a–43, 80b–2, 80b–3, and
80b–5 of this title, and enacting provisions set out as
notes under sections 77c and 80a–2 of this title] may be
cited as the ‘Investment Company amendments Act of
1970’.’’

§ 80a–52. Effective date
The effective date of the provisions of this
subchapter, so far as the same relate to faceamount certificates or to face-amount certificate companies, is January 1, 1941. The effective
date of provisions hereof, insofar as the same do
not apply to face-amount certificates or faceamount certificate companies is November 1,
1940. Except as herein otherwise provided, every
provision of this subchapter shall take effect on
November 1, 1940.
(Aug. 22, 1940, ch. 686, title I, § 53, 54 Stat. 847;
Pub. L. 100–181, title VI, § 624, Dec. 4, 1987, 101
Stat. 1262.)
AMENDMENTS
1987—Pub. L. 100–181 struck out at end of first sentence ‘‘: Provided, however, That any such face-amount
certificate company may register prior to said date, as
provided by section 80a–8 of this title, and such registration shall not operate to change or affect said effective date as to any such company or any faceamount certificates issued by it’’.
EFFECTIVE DATE OF 1970 AMENDMENT
Section 30 of Pub. L. 91–547 provided that: ‘‘This Act
[see Short Title note set out under section 80a–51 of
this title] shall take effect on the date of its enactment
[Dec. 14, 1970], except that—
‘‘(1) sections (5)(a), (b), and (c); 8; 9(a); 11; 18; 24(a);
and 25 (amending sections 10(a), (b), and (c) [section
80a–10(a), (b), and (c)]; 15 [section 80a–15]; 17(f) [section 80a–17(f)]; 19 [section 80a–19]; and 32(a) of the Investment Company Act of 1940 [section 80a–31(a)]; and
sections 203(b) and 205 of the Investment Advisers Act

Page 440

of 1940 [sections 80b–3(b) and 80b–5 of this title], respectively) shall take effect upon the expiration of
one year after the date of enactment of this Act [Dec.
14, 1970];
‘‘(2) that part of section 5(d) which substitutes ‘interested persons’ for ‘affiliated persons’ in section
10(d) of the Investment Company Act of 1940 [section
80a–10(d) of this title] shall take effect upon the expiration of one year after the date of enactment of this
Act [Dec. 14, 1970];
‘‘(3) sections 16 and 17 (amending section 27 and 28
of the Investment Company Act of 1940 [sections
80a–27 and 80a–28 of this title]) shall take effect upon
the expiration of six months after the date of enactment of this Act [Dec. 14, 1970]; and
‘‘(4) that part of section 20 which adds a subsection
(b) to section 36 of the Investment Company Act of
1940 [section 80a–35 of this title] shall take effect
upon the expiration of eighteen months after the date
of enactment of this Act [Dec. 14, 1970].’’

§ 80a–53. Election to be regulated as business development company
(a) Eligibility
Any company defined in section 80a–2(a)(48)(A)
and (B) of this title may elect to be subject to
the provisions of sections 80a–54 through 80a–64
of this title by filing with the Commission a notification of election, if such company—
(1) has a class of its equity securities registered under section 78l of this title; or
(2) has filed a registration statement pursuant to section 78l of this title for a class of its
equity securities.
(b) 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 80a–54 through 80a–64 of this
title upon receipt by the Commission of such notification of election.
(c) 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) of this section
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.
(Aug. 22, 1940, ch. 686, title I, § 54, as added Pub.
L. 96–477, title I, § 105, Oct. 21, 1980, 94 Stat. 2278;
amended Pub. L. 100–181, title VI, § 625, Dec. 4,
1987, 101 Stat. 1262.)
AMENDMENTS
1987—Subsec. (a). Pub. L. 100–181 substituted ‘‘defined
in section’’ for ‘‘defined in sections’’.

§ 80a–54. Acquisition of assets by business development companies
(a) Permissible assets; percentage
It shall be unlawful for a business development company to acquire any assets (other than