Securities Lawyer's Deskbook                          published by The University of Cincinnati College of Law

Section 21 -- Loans by Management Companies

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1. the investment policies of such registered company, as recited in its registration statement and reports filed under this title, do not permit such a loan; or
   
   
2. 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.
   
   

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