15 USC 80a-21 – Loans by management companies
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It shall be unlawful for any registered management company to lend money or property to any person, directly or indirectly, if—
Terms Used In 15 USC 80a-21
- Company: means a corporation, a partnership, an association, a joint-stock company, a trust, a fund, or any organized group of persons whether incorporated or not. See 15 USC 80a-2
- Control: means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. See 15 USC 80a-2
- Person: means a natural person or a company. See 15 USC 80a-2
(a) the investment policies of such registered company, as recited in its registration statement and reports filed under this subchapter, do not permit such a loan; or
(b) such person controls or is under common control with such registered company; except that the provisions of this paragraph shall not apply to any loan from a registered company to a company which owns all of the outstanding securities of such registered company, except directors’ qualifying shares.