Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section80a-15&num=0&edition=prelim
Timestamp: 2019-11-13 09:52:54
Document Index: 456068201

Matched Legal Cases: ['§ 80', '§80', '§15', '§8', '§28', '§611', '§611', '§28', '§8']

[USC02] 15 USC 80a-15: Contracts of advisers and underwriters
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15 USC 80a-15: Contracts of advisers and underwriters Text contains those laws in effect on November 12, 2019
§80a–15. Contracts of advisers and underwriters
(a) Written contract to serve or act as investment adviser; contents
It shall be unlawful for any person to serve or act as investment adviser of a registered investment company, except pursuant to a written contract, which contract, whether with such registered company or with an investment adviser of such registered company, has been approved by the vote of a majority of the outstanding voting securities of such registered company, and-
It shall be unlawful for any principal underwriter for a registered open-end company to offer for sale, sell, or deliver after sale any security of which such company is the issuer, except pursuant to a written contract with such company, which contract-
(1) An investment adviser, or a corporate trustee performing the functions of an investment adviser, of a registered investment company or an affiliated person of such investment adviser or corporate trustee may receive any amount or benefit in connection with a sale of securities of, or a sale of any other interest in, such investment adviser or corporate trustee which results in an assignment of an investment advisory contract with such company or the change in control of or identity of such corporate trustee, if-
(4) Paragraph (1)(A) of this subsection shall not apply to a transaction in which a controlling block of outstanding voting securities of an investment adviser to a registered investment company or of a corporate trustee performing the functions of an investment adviser to a registered investment company is-
(Aug. 22, 1940, ch. 686, title I, §15, 54 Stat. 812 ; Pub. L. 91–547, §8, Dec. 14, 1970, 84 Stat. 1419 ; Pub. L. 94–29, §28(1), (2), (4), June 4, 1975, 89 Stat. 164 , 165; Pub. L. 100–181, title VI, §611, Dec. 4, 1987, 101 Stat. 1261 .)
1987-Subsec. (d). Pub. L. 100–181, §611(1), substituted "paragraph (42)" for "paragraph (40)".
1975-Subsec. (c). Pub. L. 94–29, §28(2), inserted provisions making it unlawful for the directors of a registered investment company, in connection with their evaluation of the terms of any contract whereby a person undertakes regularly to serve or act as investment adviser of such company, to take into account the purchase price or other consideration any person may have paid in connection with a transaction of the type referred to in paragraph (1), (3), or (4) of subsec. (f).
1970-Subsec. (a). Pub. L. 91–547, §8(a), struck out introductory phrase "After one year from the effective date of this subchapter" and "unless in effect prior to March 15, 1940," before "has been approved", and "by the investment adviser" after "assignment" in item (4), and substituted "It" for "it".