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15 U.S.C. 80a–21: Loans by management companiesText contains those laws in effect through Public Law 119-120 (October 7, 2026).
From Title 15-COMMERCE AND TRADECHAPTER 2D-INVESTMENT COMPANIES AND ADVISERS
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§80a–21. Loans by management companies

It shall be unlawful for any registered management company to lend money or property to any person, directly or indirectly, if⁠—

(a)  the investment policies of such registered company, as recited in its registration statement and reports filed under this subchapter, do not permit such a loan; or

(b)  such person controls or is under common control with such registered company; except that the provisions of this paragraph shall not apply to any loan from a registered company to a company which owns all of the outstanding securities of such registered company, except directors’ qualifying shares.

( Aug. 22, 1940, ch. 686 , title I, § 21, 54 Stat. 822 ; Pub. L. 100–181, title VI, § 615 , Dec. 4, 1987 , 101 Stat. 1262 .)

Editorial Notes

Amendments

1987⁠—Subsec. (b). Pub. L. 100–181 struck out “to the extension or renewal of any such loan made prior to March 15, 1940, or” after “shall not apply”.