Page:United States Statutes at Large Volume 110 Part 5.djvu/372

 110 STAT. 3446 PUBLIC LAW 104-290—OCT. 11, 1996 need not make available significant managerial assistance with respect to siny company described in paragraph (46)(C)(iii), or with respect to any other company that meets such criteria as the Commission may by rule, regulation, or order permit, as consistent with the public interest, the protection of investors, and the purposes of this title; and". SEC. 505. ACQUISITION OF ASSETS BY BUSI>fESS DEVELOPMENT COMPANIES. Section 55(a)(1)(A) of the Investment Company Act of 1940 (15 U.S.C. 80a-54(a)(l)(A)) is amended— (1) by striking "or from any person" and inserting "from any person"; and (2) by inserting before the semicolon ", or from any other person, subject to such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors". SEC. 506. CAPITAL STRUCTURE AMENDMENTS. Section 61(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-60(a)) is amended— (1) in paragraph (2), by striking "if such business development company" and all that follows through the end of the paragraph sind inserting a period; (2) in paragraph (3)(A)— (A) by striking "senior securities representing indebtedness accompanied bj^'; (B) by inserting "accompanied by securities," after "of such company,"; and (C) in clause (ii), by striking "senior"; and (3) in paragraph (3)— (A) in subparagraph (A), by striking "and" at the end; (B) in subparagraph (B), by striking the period at the end of clause (iv) and inserting "; and"; and (C) by inserting immediately after subparagraph (B) the following new subparagraph: "(C) a business development company may issue warrants, options, or rights to subscribe to, convert to, or purchase voting securities not accompanied by securities, if— "(i) such warrants, options, or rights satisfy the conditions in clauses (i) and (iii) of subparagraph (A); and "(ii) the proposal to issue such warrants, options, or rights is authorized by the shareholders or partners of such business development company, and such issuance is approved by the required majority (as defined in section 57(o)) of the directors of or general partners in such company on the basis that such issuance is in the best interests of the company and its shareholders or partners.". SEC. 507. FILING OF WRITTEN STATEMENTS. Section 64(b)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a-63(b)(l)) is amended by inserting "and capital structure" after "portfolio".

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