
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 15USC80a-53]

 
                      TITLE 15--COMMERCE AND TRADE
 
              CHAPTER 2D--INVESTMENT COMPANIES AND ADVISERS
 
                   SUBCHAPTER I--INVESTMENT COMPANIES
 
Sec. 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, Sec. 54, as added Pub. L. 96-477, 
title I, Sec. 105, Oct. 21, 1980, 94 Stat. 2278; amended Pub. L. 100-
181, title VI, Sec. 625, Dec. 4, 1987, 101 Stat. 1262.)


                               Amendments

    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.
