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§ 10-4a-17 — Maryland Law | CourtGPT
  1. Home/
  2. Laws/
  3. Maryland/
  4. Economic Development - Division I - Secretary of Commerce and Department of Commerce/
  5. Division II - Independent and Regional Development Units and Resources/
  6. Title 10 - Statewide Development Resources and Revenue Authorities/
  7. Subtitle 4a - Invest Maryland Program/
  8. Part III - Venture Firms and Investments/
  9. § 10-4a-17
Maryland Legal Code
(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.

§ 10-4a-17

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