13 C.F.R. § 107.510 SBA approval of Licensee's Investment Adviser/Manager.
Title 13 - Business Credit and Assistance
You may employ an Investment Adviser/Manager who will be subject to the supervision of your board of directors or general partner. If you have Leverage or plan to seek Leverage, you must obtain SBA's prior written approval of the management contract. SBA's approval of an Investment Adviser/Manager for one Licensee does not indicate approval of that manager for any other Licensee. (a) Management contract. The contract must: (1) Specify the services the Investment Adviser/Manager will render to you and to the Small Businesses in your Portfolio; and (2) Indicate the basis for computing Management Expenses. (b) Material change to approved management contract. If there is a material change, both you and SBA must approve such change in advance. If you are uncertain if the change is material, submit the proposed revision to SBA.
Title 13: Business Credit and Assistance
PART 107—SMALL BUSINESS INVESTMENT COMPANIES
Subpart E—Managing the Operations of a Licensee
Management and Compensation
§ 107.510 SBA approval of Licensee's Investment Adviser/Manager.
