§ 1554. New Pennsylvania Venture Guarantee Program
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 64 Pa.C.S.A. Public Authorities and Quasi-Public CorporationsEffective: April 1, 2004
Effective: April 1, 2004
64 Pa.C.S.A. § 1554
§ 1554. New Pennsylvania Venture Guarantee Program
(b) Guarantee applications.--A venture capital partnership may submit an application to the authority requesting a guarantee of investments of principal to be made in Pennsylvania-related companies. The application shall be on the form prescribed by the board and shall include or demonstrate all of the following:
(3) That the applicant will agree to notify the board of all advisory, valuation and annual meetings of the applicant for the duration of the guarantee and will permit a representative of the board to attend such meetings. The board may request that the applicant provide reimbursement for reasonable travel expenses if meetings are held outside of the Commonwealth or that a board representative be able to participate in meetings by acceptable telecommunication means.
(d) Approval of guarantee.--Upon being satisfied that all requirements have been met, the board may approve the application, and, if approved, the authority shall execute a guarantee agreement in favor of the applicant. In addition to any other terms and conditions required by the board, the guarantee agreement shall provide for all of the following:
(1) The procedure for the submission of a claim for payment under the guarantee agreement. A venture capital partnership will be required to have an audit performed by a nationally recognized independent certified public accounting firm prior to notifying the board that it is making a claim under the guarantee. No claim may be made prior to the completion of the seventh year following the first investment by the applicant in a Pennsylvania-related company which is covered by the guarantee.
Credits
2004, April 1, P.L. 163, No. 22, § 1, imd. effective.
64 Pa.C.S.A. § 1554, PA ST 64 Pa.C.S.A. § 1554
Current through Act 13 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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