Fabio
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Ingested titles 12–51 and 54 from OLRC USLM XML @119-100 (the whole Code now, uniform edition; Title 53 is reserved/empty). LegalText 11,221 -> 59,740; repo total 105,704 records. Deterministic (byte-identical rerun, verified on Title 42's 8,356 sections); make check green. make legal-us-code default now covers every title. Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
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| LegalText | 15 U.S.C. § 80a–19 | Payments or distributions | us | united_states_code | code_section | 15 | COMMERCE AND TRADE | 2D | INVESTMENT COMPANIES AND ADVISERS | 80a–19 | 15 U.S.C. § 80a–19 | current | 119-100 | 2026-06-26 | official | https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip | /us/usc/t15/s80a–19 | data/legal/raw/us/code/title-15/usc15.xml | e02b1ba808cecf4d16c1c7742ce179e114cc6b309225a8d90d7ee29de56c0245 | 6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059 | c185155da9914855d70cc3ce98aa0f80efe31e0ca9b38747e8ae9efaeb6afe0a | 2026-07-04 | official |
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15 U.S.C. § 80a–19 - Payments or distributions
Text
(a) Dividends; restriction; exception It shall be unlawful for any registered investment company to pay any dividend, or to make any distribution in the nature of a dividend payment, wholly or partly from any source other than—
(1) such company’s accumulated undistributed net income, determined in accordance with good accounting practice and not including profits or losses realized upon the sale of securities or other properties; or
(2) such company’s net income so determined for the current or preceding fiscal year;
unless such payment is accompanied by a written statement which adequately discloses the source or sources of such payment. The Commission may prescribe the form of such statement by rules and regulations in the public interest and for the protection of investors.
(b) Long-term capital gains; limitation It shall be unlawful in contravention of such rules, regulations, or orders as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors for any registered investment company to distribute long-term capital gains, as defined in title 26, more often than once every twelve months.
(Aug. 22, 1940, ch. 686, title I, § 19, 54 Stat. 821; Pub. L. 91–547, § 11, Dec. 14, 1970, 84 Stat. 1422; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.)
Notes
Editorial Notes
Amendments1986—Subsec. (b). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text. 1970—Pub. L. 91–547 designated existing provisions as subsec. (a) and added subsec. (b).
Statutory Notes and Related Subsidiaries
Effective Date of 1970 AmendmentAmendment by Pub. L. 91–547 effective on expiration of one year after Dec. 14, 1970, see section 30(1) of Pub. L. 91–547, set out as a note under section 80a–52 of this title.
Executive Documents
Transfer of Functions For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.