§80a–21. Loans by management companies
It shall be unlawful for any registered management company to lend money or property to any person, directly or indirectly, if-
(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.
(Aug. 22, 1940, ch. 686, title I, §21,
Editorial Notes
Amendments
1987-Subsec. (b).