Business Development Company Act of 1980

[AI summary unavailable — showing source text] Business Development Company Act of 1980 - Title I: Amendments to the Investment Company Act of 1940 - Amends the Investment Company Act of 1940 to define: (1) "business development company" as any closed-end investment company organized and operated solely for making investments in specified securities transactions and making available managerial assistance to the issuers of such securities; and (2) "eligible portfolio company" as any company which (a) has no class of securities registered pursuant to the Securities Exchange Act of 1934, or with respect to which a member of a national securities exchange, broker, or dealer may maintain credit for a customer; and (b) is neither an investment company nor any person described as a noninvestment company order under such Act. Provides that certain small business investment companies owning ten percent or more of the outstanding voting securities of the issuer-company shall be considered a beneficial ownership by one person if: (1) the value of all securities of small business investment companies owned by such company does not exceed five percent of its total assets; or (2) such securities of the small business investment company are o…