West Virginia Code 5E-1-10 – Application requirements
(a) Each company shall make application to the authority on forms provided by the authority, which shall set forth:
Terms Used In West Virginia Code 5E-1-10
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Authority: means the West Virginia economic development authority, provided for in article fifteen, chapter . See West Virginia Code 5E-1-4
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Small business investment company: means a small business investment company licensed by the United States small business investment administration under the federal small business investment act of 1958, 15 U. See West Virginia Code 5E-1-4
- State: means the State of West Virginia. See West Virginia Code 5E-1-4
(1) The capitalization level of capital company;
(2) The purpose of the company;
(3) The names of investors;
(4) A process for disclosing to investors the tax credit available pursuant to this article. The disclosure shall clearly set forth that no tax credit will be available until the qualification of the company is granted by the authority and the disclosure of immunity of the state for damages is provided to the investors;
(5) The location of the escrow account, if applicable, which has been established for investors for the period of time between the investment and the qualification of the capital company by the authority;
(6) If applicable, evidence that the company is licensed as a small business investment company; and
(7) That the capital company will diligently seek to obtain and thereafter diligently seek to invest leverage available to the small business investment companies.
(b) An applicant submitting an application pursuant to this section shall continually supplement the application if any material fact contained in the application changes. The authority shall determine if the change constitutes an amendment requiring the consent of the authority pursuant to subdivision (c) of this section.
(c) An applicant may not amend an application submitted pursuant to this section without the written consent of the authority for good cause shown.