Statute 74-8306: Kansas venture capital companies; certification of,
application, requirements, notification; duties of secretary; rules and
regulations.
(a) The secretary shall promulgate
rules and regulations for making an application
for certification of a Kansas venture capital company
and shall specify the information that must be submitted at the time of
application.
No Kansas venture capital company shall be certified until the secretary has
adopted rules and regulations as required in
K.S.A. 74-8305 and amendments thereto. A company seeking to be
certified as a Kansas venture capital company
must specify the level of cash investment that the
company expects to
qualify for the tax credits provided for in this act. The application must
show that the applicant's purpose is to encourage and assist in the
creation, development and expansion of Kansas businesses and to
provide maximum opportunities for the employment of Kansans by making
venture capital available to Kansas businesses as described and defined in
K.S.A. 74-8303 and amendments thereto.
(b) The secretary shall promulgate rules and regulations defining the
equivalent of money for the purposes of cash investments under the
provisions of this act.
(c) The department, through the secretary, shall review the articles of
incorporation or the articles of partnership of each applicant for
certification and the business history of the applicant and determine that the
capitalization is at least $1,500,000.
(d) Within 60 days of application, the secretary shall issue the
certification and notify the department of revenue of such certification,
or shall refuse the certification and issue an order so providing.
History: L. 1986, ch. 285, § 6;
L. 1987, ch. 320, § 3; May 7.