Michigan Compiled Laws 270-1984-6 Chapter 6 (125.2061...125.2069a)

• Section 125.2061 Definitions.
  As used in this chapter: (a) “MESBIC” means a small business investment company licensed under section 301(d) of the small business investment act of...
• Section 125.2062 Center For Minority Venture Capital; Establishment And Operation.
  The fund shall establish and operate a center for minority venture capital. History: 1984, Act 270, Eff. Mar. 29, 1985 Compiler's Notes: For transfer...
• Section 125.2063 Certification Of Minority Venture Capital Company And Mesbic; Purpose; Construction Of Certification; Statement In Documents; Forwarding Certification Applications; Qualifications For Initial Certification; Compliance.
  (1) The fund is empowered to certify a minority venture capital company and a MESBIC for the purpose of verifying that the business satisfies...
• Section 125.2064 Considerations Prior To Certification.
  The fund shall also consider, prior to certifying a minority venture capital company or a MESBIC, all of the following: (a) The current and...
• Section 125.2065 Percentage Of Venture Capital Investments; Encouraging Certified Mesbic To Meet Investment Requirements; “investment” Defined.
  (1) Sixty-five percent of investments of a certified minority venture capital company shall be venture capital investments. (2) A certified MESBIC shall be encouraged...
• Section 125.2066 Minority Venture Capital Company As Certified Mesbic.
  A minority venture capital company certified under this chapter that thereafter becomes a MESBIC shall be considered a certified MESBIC under this chapter without...
• Section 125.2067 Independent Program Audit.
  A certified minority venture capital company and a certified MESBIC shall have an independent program audit annually performed by a certified public accountant. The...
• Section 125.2068 Effective Date And Duration Of Certification; Eligibility As Recipient Of Investments; Approval And Effect Of Tax Credit Disqualification.
  (1) Unless revoked, a certification provided under this chapter shall be effective and subject the minority venture capital company or MESBIC to the requirements...
• Section 125.2069 Revocation Of Certification; Notice; Remedying Deficiencies And Complying With Requirements; Determination.
  If the fund finds that a certified minority venture capital company or a certified MESBIC has failed to comply with the provisions of this...
• Section 125.2069a Tax Credit Certification; Information; Report.
  (1) Upon written request to the fund not later than 90 days following an investment, the fund shall certify the following for a person...

Last modified: October 10, 2016