I'd have to agree with the consensus:
If you can get away with a small fixed blade, that's your best bet as far as strength and more options.
But if you want a folder with no lock and more "modern" stylings with G-10 scales and modern strong stainless steel blades like VG-10 and better, I'd agree with mqqn.
Spyderco makes knives just for your situation. There's plenty of other city/state/and countries even, with new PC knife laws and that's whey Spydie got into slipits.
I think the cheapest may be a little more than your 40 range (prob. starting at 60-80) but its worth it with known name brand quality control and at least Japanese manufacture.
If this sounds like too much for you, but you have the financial means, you'll have to just do it and take the chance to see what we mean by "its worth it".
Once you get hooked (like many of us do) you'll be able to continue following the local laws, but "upgrade" to fancier versions with the Spydie Carbon Fiber Terzoula
or even a titanium handled slipit.
It doesn't get more modern than that.
I'm into modernized custom/handmade traditional shape slipjoints myself, like Gene Wiseman "front/back pocket ultra-lites" with G-10 handles and D2 blades.
But i'm not snobby enough to refuse carrying a great little Swiss Army once in a while.