---
kind: "section"
citation: "15 U.S.C. § 80a–55"
title: "15"
title_heading: "Commerce and Trade"
number: "80a–55"
heading: "Qualifications of directors"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/15/80a-55"
units:
  - "Chapter 2D — Investment Companies and Advisers"
  - "Subchapter I — Investment Companies"
---

# §80a–55. Qualifications of directors

- (a) **Non-interested persons—** A majority of a [business development company](/usc/15/80a–2.md?p=a-48)’s [directors](/usc/15/80a–2.md?p=a-12) or general partners shall be [persons](/usc/15/80a–2.md?p=a-28) who are not interested [persons](/usc/15/80a–2.md?p=a-28) of such [company](/usc/15/80a–2.md?p=a-8).
- (b) **Vacancies; suspension of provisions—** If, by reason of the death, disqualification, or bona fide resignation of any [director](/usc/15/80a–2.md?p=a-12) or general partner, a [business development company](/usc/15/80a–2.md?p=a-48) does not meet the requirements of [subsection (a)](#a) of this section, or the requirements of [section 80a–15(f)(1) of this title](/usc/15/80a–15.md?p=f-1) with respect to [directors](/usc/15/80a–2.md?p=a-12), the operation of such provisions shall be suspended for a period of 90 days or for such longer period as the [Commission](/usc/15/80a–2.md?p=a-7) may prescribe, upon its own motion or by order upon application, as not inconsistent with the protection of investors.

## Source credit

(Aug. 22, 1940, ch. 686, title I, § 56, as added Pub. L. 96–477, title I § 105, Oct. 21, 1980, 94 Stat. 2280.)