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§ 10-707. Powers

West's Annotated Code of MarylandEconomic DevelopmentEffective: October 1, 2008

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 7. Maryland Venture Capital Trust (Refs & Annos)
Effective: October 1, 2008
MD Code, Economic Development, § 10-707
§ 10-707. Powers
Currentness
In general
(a) The Trust may:
(1) solicit and accept for investment in the Trust money from any source including not more than $2,000,000 in appropriations from the State;
(2) enter into agreements with the investors that set forth the terms governing the investment of money in the Trust by the investors;
(3) by preparing and publishing requests for proposals, solicit offerings by venture capitalists and venture capital funds that meet the purposes and requirements of the Trust, which shall be set forth in the requests for proposals;
(4) subject to § 10-708 of this subtitle, select the venture capital funds in which to invest money from the Trust;
(5) retain investment earnings that exceed the investment earnings that the Trust must pay to investors; and
(6) take any action necessary to carry out the powers expressly granted by this subtitle.
Limitations
(b)(1) The Trust may not accept a cumulative investment of more than $15,000,000 from the State Retirement and Pension System.
(2) The Trust may not accept a cumulative investment of more than $5,000,000 from any other single investor.

Credits

Added by Acts 2008, c. 306, § 2, eff. Oct. 1, 2008.
MD Code, Economic Development, § 10-707, MD ECON DEV § 10-707
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.
End of Document