15 USC 80a-61 – Loans
Notwithstanding the exemption set forth in section 80a-6(f) of this title, section 80a-21 of this title shall apply to a business development company to the same extent as if it were a registered closed-end investment company, except that nothing in that section shall be deemed to prohibit—
(1) any loan to a director, officer, or employee of, or general partner in, a business development company for the purpose of purchasing securities of such company as part of an executive compensation plan, if such loan meets the requirements of section 80a-56(j) of this title; or
(2) any loan to a company controlled by a business development company, which companies could be deemed to be under common control solely because a third person controls such business development company.
Terms Used In 15 USC 80a-61
- Business development company: means any closed-end company which&mdash. See 15 USC 80a-2
- 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
- Director: means any director of a corporation or any person performing similar functions with respect to any organization, whether incorporated or unincorporated, including any natural person who is a member of a board of trustees of a management company created as a common-law trust. See 15 USC 80a-2
- investment company: means any issuer which&mdash. See 15 USC 80a-3
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
- Person: means a natural person or a company. See 15 USC 80a-2