Under the Investment Company Act of 1940, which of the following statements regarding the renewal provisions of an investment adviser's contract is NOT true?
A) The renewal may be executed orally, provided it is done within 2 years of the initial contract.
B) The renewal must be approved by either a majority of the board or a majority of the shares.
C) The renewal must state the adviser's compensation.
D) The contract must be terminable upon not more than 60 days notice.
Answer: A) The renewal may be executed orally, provided it is done within 2 years of the initial contract.