94- 457 C.M.R. ch. 319, § 5

Current through 2024-36, September 4, 2024

Section 457-319-5 - Investments

A. An investment in any qualifying investment fund ordinarily will not exceed $1,000,000. Provided however, the members may, by a vote of two-thirds of all members in attendance, but not less than seven (7) affirmative votes, authorize the investment of more than $1,000,000 in a qualifying investment fund.

B. In determining the amount of investment to make in a qualifying investment fund, the authority shall consider:

1. The size of the region served by the qualifying investment fund and the expected demand for venture capital investments in that region;

2. The demand for venture capital investments from other eligible qualifying investment funds in relation to the total amount available in the program fund and whether a qualifying investment fund will serve a geographic area or segment of potential businesses not served by other applicants; and

3. Whether the qualifying investment fund will be able to prudently and effectively administer venture capital investments.

C. In no event shall an investment in a fund be deemed to be an endorsement of the business or fund receiving the investment or the prudence of the investment, nor shall the authority be responsible to investors for any losses on such investments.

94- 457 C.M.R. ch. 319, § 5