Venture Capital Company Act of 1979

Venture Capital Company Act of 1979 - Amends the Investment Company Act of 1940 to exempt any qualified venture capital company from regulation under such Act as an investment company if it has a class of equity securities registered under the Securities Exchange Act of 1934. Provides a limited exemption to venture capital companies whose securities are owned by more than 100 persons or which proposes to make a public offering of its securities.

Defines "established venture capital company" to qualify for such exemptions only those companies which: (1) have been engaged in specified promotional activities for the preceding five continuous years; and (2) have 60 percent of their net assets in securities which were acquired in transactions not involving registration under the Securities Act of 1933.

Requires any exempted venture capital company whose securities are owned by more than 100 persons to have a majority of outside, independent directors on its board. Requires any such company to sell or dispose of the securities it owns only in the manner and amounts permitted by the provisions of the Securities Act of 1933 governing the sale of securities acquired in transactions not involving a public offering. Restricts the directors, officers, employees and controlling shareholders of any such company in owning and purchasing securities of the companies in which it invests.