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Maryland Code, Economic Development § 10-4A-17

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) A business that is classified as a qualified business at the time of the first investment in the business by a venture firm, the Enterprise Fund, or the Financing Authority remains classified as a qualified business and may receive follow-on investments from a venture firm, the Enterprise Fund, or the Financing Authority as provided under this subsection.

(2) A follow-on investment from a venture firm is a qualified investment even though the business does not meet the definition of a qualified business at the time of the follow-on investment.

(3) With respect to an investment by the Enterprise Fund or the Financing Authority, a follow-on investment does not qualify as a qualified investment if, at the time of the follow-on investment, the business no longer meets the definition of a qualified business.

(b) Each venture firm shall inform the Corporation in writing when the venture firm requires designated capital for investment or for the payment of approved fees and expenses.

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Cite this article: FindLaw.com - Maryland Code, Economic Development § 10-4A-17 - last updated January 01, 2025 | https://codes.findlaw.com/md/economic-development/md-code-econ-dev-sect-10-4a-17/

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