The consistency of Matrix theory with supergravity requires that in the lar
ge N-c limit terms of order upsilon(4) in the SU(N-c) Matrix effective pote
ntial are not renormalized beyond one loop in perturbation theory. For SU(2
) gauge group, the required non-renormalization theorem was proven recently
by Paban, Sethi and Stern. In this paper we consider the constraints super
symmetry imposes on these terms for groups SU(N-c) with N-c > 2. Non-renorm
alization theorems are proven for certain tensor structures, including the
structures that appear in the one-loop effective action. However it is expe
cted other tensor structures can in general be present, which may suffer re
normalization at three loops and beyond.