Under the Investment Company Act of 1940, which statement is TRUE regarding the composition of a management company's Board of Directors?
A.40% of the Board of Directors can be affiliated persons; 60% of the Board of Directors must be unaffiliated persons
B.40% of the Board of Directors must be unaffiliated persons; 60% of the Board of Directors can be affiliated persons
C.100% of the Board of Directors must be unaffiliated persons
D.100% of the Board of Directors can be affiliated persons