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U.S. Code, Title 15, Commerce and Trade
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 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.)
1987—Subsec. (a). Pub. L. 100–181 substituted "defined in section" for "defined in sections".
Section Referred to in Other Sections
This section is referred to in section 80b–3 of this title.
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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 80a– 53. Election to Be Regulated as Business Development Company," U.S. Code, Title 15, Commerce and Trade in U.S. Code, Title 15, Commerce and Trade (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed April 26, 2024, http://www.originalsources.com/Document.aspx?DocID=4WLFMKTK4M9CZ5L.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 80a– 53. Election to Be Regulated as Business Development Company." U.S. Code, Title 15, Commerce and Trade, in U.S. Code, Title 15, Commerce and Trade, Washington, D.C., Government Printing Office, 2002, Original Sources. 26 Apr. 2024. http://www.originalsources.com/Document.aspx?DocID=4WLFMKTK4M9CZ5L.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 80a– 53. Election to Be Regulated as Business Development Company' in U.S. Code, Title 15, Commerce and Trade. cited in 2002, U.S. Code, Title 15, Commerce and Trade, Government Printing Office, Washington, D.C.. Original Sources, retrieved 26 April 2024, from http://www.originalsources.com/Document.aspx?DocID=4WLFMKTK4M9CZ5L.
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