FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶50

As relevant to the ICA, Congress found that “the national public interest and the interest of investors are adversely affected” when, among other things, “investment companies issue securities containing inequitable or discriminatory provisions.” 15 U. S. C. §80a–1(b)(3). Accordingly, Congress included a rule of construction that the ICA “shall be interpreted” to “mitigate and, so far as is feasible, to eliminate the conditions enumerated in [the statute] which adversely affect the national public interest and the interest of investors.” §80a–1(b). One of those conditions was that “every share of stock hereafter issued by a registered management company . . . shall be a voting stock and have equal voting rights with every other outstanding voting stock.” §80a–18(i).

slip opinion
Source edition
Passage preview. Read in context for the complete text, notes and references.