§5E-1-10. Application requirements


Published: 2015

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WVC 5 E- 1 - 10

§5E-1-10. Application requirements.

(a) Each company shall make application to the authority on

forms provided by the authority, which shall set forth:

(1) The capitalization level of capital company;

(2) The purpose of the company;

(3) The names of investors;

(4) A process for disclosing to investors the tax credit

available pursuant to this article. The disclosure shall clearly

set forth that no tax credit will be available until the

qualification of the company is granted by the authority and the

disclosure of immunity of the state for damages is provided to the

investors;

(5) The location of the escrow account, if applicable, which

has been established for investors for the period of time between

the investment and the qualification of the capital company by the

authority;

(6) If applicable, evidence that the company is licensed as a

small business investment company; and

(7) That the capital company will diligently seek to obtain

and thereafter diligently seek to invest leverage available to the

small business investment companies.

(b) An applicant submitting an application pursuant to this

section shall continually supplement the application if any

material fact contained in the application changes. The authority

shall determine if the change constitutes an amendment requiring the consent of the authority pursuant to subdivision (c) of this

section.

(c) An applicant may not amend an application submitted

pursuant to this section without the written consent of the

authority for good cause shown.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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