§ 80a-21. Loans by management companies

It shall be unlawful for any registered management company to lend money or property to any person, directly or indirectly, if -

• (a) the investment policies of such registered company, as recited in its registration statement and reports filed under this subchapter, do not permit such a loan; or
• (b) 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.