§ 2-405.3. When director of investment company deemed independent and disinterested

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(a) Applicability. -- This section applies to a corporation that is an investment company, as defined by the Investment Company Act of 1940.

(b) Director disinterested. -- A director of a corporation who with respect to the corporation is not an interested person, as defined by the Investment Company Act of 1940, shall be deemed to be independent and disinterested when making any determination or taking any action as a director.

HISTORY: 1998, ch. 397, § 2; 2000, ch. 1, § 1; 2001, ch. 31, § 1.

                    
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