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15 U.S.C. § 80a-19 - U.S. Code - Unannotated Title 15. Commerce and Trade § 80a-19. Payments or distributions

Current as of January 01, 2024 | Updated by Findlaw Staff

(a)Dividends; restriction; exception

It shall be unlawful for any registered investment company to pay any dividend, or to make any distribution in the nature of a dividend payment, wholly or partly from any source other than--

(1) such company's accumulated undistributed net income, determined in accordance with good accounting practice and not including profits or losses realized upon the sale of securities or other properties; or

(2) such company's net income so determined for the current or preceding fiscal year;

unless such payment is accompanied by a written statement which adequately discloses the source or sources of such payment. The Commission may prescribe the form of such statement by rules and regulations in the public interest and for the protection of investors.

(b)Long-term capital gains; limitation

It shall be unlawful in contravention of such rules, regulations, or orders as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors for any registered investment company to distribute long-term capital gains, as defined in Title 26, more often than once every twelve months.

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Cite this article: FindLaw.com - 15 U.S.C. § 80a-19 - U.S. Code - Unannotated Title 15. Commerce and Trade § 80a-19. Payments or distributions - last updated January 01, 2024 | https://codes.findlaw.com/us/title-15-commerce-and-trade/15-usc-sect-80a-19/

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