15 USC 80a-19 - Payments or distributions

U.S Code last checked for updates: Oct 31, 2024

§ 80a–19.

Payments or distributions

(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

(Aug. 22, 1940, ch. 686, title I, § 19, 54 Stat. 821; Pub. L. 91–547, § 11, Dec. 14, 1970, 84 Stat. 1422; Pub. L. 99–514, § 2, Oct. 22, 1986, 100 Stat. 2095.)

cite as: 15 USC 80a-19