Texas Insurance Code - Not Codified - Article 4.57. Evaluation Of Business By Comptroller
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Art. 4.57. EVALUATION OF BUSINESS BY COMPTROLLER. (a) A
certified capital company may, before making an investment in a
business, request from the comptroller a written opinion as to
whether the business in which it proposes to invest is a qualified
business, an early stage business, or a strategic investment
business.
(b) The comptroller shall, not later than the 15th business
day after the date of the receipt of a request under Subsection (a)
of this article, determine whether the business meets the
definition of a qualified business, an early stage business, or a
strategic investment business, as applicable, and notify the
certified capital company of the determination and an explanation
of its determination or notify the certified capital company that
an additional 15 days will be needed to review and make the
determination.
(c) If the comptroller fails to notify the certified capital
company with respect to the proposed investment within the period
specified by Subsection (b) of this article, the business in which
the company proposes to invest is considered to be a qualified
business, early stage business, or a strategic investment business,
as appropriate.
Added by Acts 2001, 77th Leg., ch. 437, Sec. 1, eff. May 28, 2001.
Article: 4.11A 4.51 4.52 4.53 4.54 4.55 4.56 4.57 4.58 4.59 4.60 4.61 4.62 4.63 4.64
Last modified: August 11, 2007
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