Pennsylvania Statutes Title 72 P.S. Taxation and Fiscal Affairs § 8826-G. Rural growth fund failure to comply

(a) Revocation.--If a rural growth fund fails to meet the requirements of section 1825-G,  1 the rural growth fund's approval shall be revoked, and, the corresponding investment authority and credit-eligible capital contributions may not be included in determining the limits on total investment authority and credit-eligible capital contributions prescribed in sections 1824-G(f) and 1828-G(c),  2 respectively.

(b) Reallocation.--Any investment authority and credit-eligible capital contributions related to a rural growth fund whose approval has been revoked under subsection (a) shall be reallocated by awarding the investment authority related to a revocation on a pro rata basis to each rural growth fund that was awarded less than the requested investment authority under section 1824-G.

(c) Discretion.--A rural growth fund may allocate any investment authority reallocated to it under subsection (b) to its investor business firms at its discretion.

(d) Unallocated investment authority.--Subsequent to the reallocation in subsection (b), any remaining investment authority may be awarded by the department to new applicants.