Instead, stockholders were asked to eliminate the restriction, and the change was approved. Some years later, oil stocks lost favor, and their prices declined materially. This market change, however, is not the point at issue. Rather, when the provision limiting investment in any one area of the economy came to the point of genuine test, when”for the first time in twenty years”the provision had real meaning, it was abandoned.1 The framers of the Investment Company Act regarded a change in general policy as a matter of great importance. Although a registered investment company's charter powers are sufficiently broad to permit radical changes in its policies without notice to, or consent of, its shareholders, the act requires that the consent of the majority of its outstanding voting securities be obtained before changing any of the fundamental policies of an investment company as given in its registration statement.

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