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§ 10-4A-20. Qualified and nonqualified distributions

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2020

West's Annotated Code of Maryland
Economic Development (Refs & Annos)
Division II. Independent and Regional Development Units and Resources [Titles 9-End] (Refs & Annos)
Title 10. Statewide Development Resources and Revenue Authorities (Refs & Annos)
Subtitle 4a. Invest Maryland Program (Refs & Annos)
Part III. Venture Firms and Investments (Refs & Annos)
Effective: October 1, 2020
MD Code, Economic Development, § 10-4A-20
Formerly cited as MD ECON DEV § 10-492Formerly cited as MD ECON DEV § 6-522
§ 10-4A-20. Qualified and nonqualified distributions
Currentness
Qualified distributions allowed at any time
(a) A venture firm may make a qualified distribution at any time.
Distributions that are not qualified distributions
(b) To make a distribution that is not a qualified distribution, a venture firm shall pay to the Comptroller the venture firm's pro rata share of distributions made to all limited partners as provided under the applicable partnership documents and any agreement with the Corporation.
Payments distributed to General Fund
(c)(1) Except as provided in paragraph (2) of this subsection, the Comptroller shall distribute all payments received under this section to the General Fund within 30 days of receipt.
(2)(i) If the Corporation has an obligation under applicable venture firm investment documents to return to the venture firm a payment previously distributed to the Comptroller, the Comptroller shall deposit an amount equal to that payment into the Enterprise Fund to cover the obligation.
(ii) If the Corporation determines that the money deposited under subparagraph (i) of this paragraph is no longer required to be returned to a venture firm under the applicable investment documents, the Corporation shall notify the Comptroller that the money may be distributed to the General Fund.

Credits

Added as Economic Development § 6-522 by Acts 2011, c. 409, § 1, eff. July 1, 2011. Amended by Acts 2013, c. 175, § 1, eff. May 2, 2013. Renumbered as Economic Development § 10-492 and amended by Acts 2015, c. 141, § 2, eff. Oct. 1, 2015. Renumbered as Economic Development § 10-4A-20 by Acts 2020, c. 580, § 1, eff. Oct. 1, 2020.
MD Code, Economic Development, § 10-4A-20, MD ECON DEV § 10-4A-20
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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