Fabio
76b8ec33a7
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>
38 lines
1.8 KiB
Markdown
38 lines
1.8 KiB
Markdown
---
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type: "LegalText"
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title: "15 U.S.C. § 80a–55"
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description: "Qualifications of directors"
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jurisdiction: "us"
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corpus: "united_states_code"
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kind: "code_section"
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title_number: 15
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title_name: "COMMERCE AND TRADE"
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chapter_number: "2D"
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chapter_name: "INVESTMENT COMPANIES AND ADVISERS"
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section: "80a–55"
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citation: "15 U.S.C. § 80a–55"
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status: "current"
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release_point: "119-100"
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release_date: "2026-06-26"
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source: "official"
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source_url: "https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc15@119-100.zip"
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source_identifier: "/us/usc/t15/s80a–55"
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source_file: "data/legal/raw/us/code/title-15/usc15.xml"
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source_hash: "61d400b8446dc63718c98edf5423566cca70911be9491c40046f5a03b15cf2f9"
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raw_snapshot_hash: "6982338d990ef19d6b52bff6825089bdd6d0ee1233d9382673faf533decd5059"
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text_hash: "85bc9de1471b5ac8194c3b7d9d56ad755785f74fde2496f42b7ea1a21813b87b"
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retrieved_at: "2026-07-04"
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confidence: "official"
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tags: ["legal", "us-code"]
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---
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# 15 U.S.C. § 80a–55 - Qualifications of directors
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## Text
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(a) Non-interested persons A majority of a business development company’s directors or general partners shall be persons who are not interested persons of such company.
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(b) Vacancies; suspension of provisions If, by reason of the death, disqualification, or bona fide resignation of any director or general partner, a business development company does not meet the requirements of subsection (a) of this section, or the requirements of section 80a–15(f)(1) of this title with respect to directors, the operation of such provisions shall be suspended for a period of 90 days or for such longer period as the Commission may prescribe, upon its own motion or by order upon application, as not inconsistent with the protection of investors.
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(Aug. 22, 1940, ch. 686, title I, § 56, as added Pub. L. 96–477, title I § 105, Oct. 21, 1980, 94 Stat. 2280.)
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