§12-7-10. Acceptance or Rejection of Investment Package
(a) The board may approve or disapprove an investment package or any portion thereof: Provided, That notwithstanding any provision of this article to the contrary, the board may not accept any investment package or any portion thereof unless the same has been reviewed and approved by the board's executive director in his or her sole […]
§12-7-2. Legislative Findings
(a) The Legislature finds that the Jobs Investment Trust is a necessary tool to make investment funds available to eligible businesses, would stimulate economic growth, and provide or retain jobs within the state. Accordingly, it is declared to be the public policy of the state to create an investment program to inject needed capital into […]
§12-7-3. Definitions
For purposes of this article: (a) “Board” means the West Virginia Economic Development Authority, established pursuant to 31-15-1 et seq. of this code. (b) “Eligible business” means any business, including, but not limited to, a business licensed or seeking licensure by the small business administration as a small business investment company under the Small Business […]
§12-7-4. Jobs Investment Trust Board; Termination; Vesting With the Economic Development Authority
(a) The Jobs Investment Trust Board is hereby terminated, and the management and control of the Jobs Investment Trust shall be vested in the West Virginia Economic Development Authority. (b)The board shall meet on a quarterly basis or more often, if necessary, to carry out the powers and duties of the board with respect to […]
§12-7-5. Management and Control of Jobs Investment Trust Vested in Board; Officers; Liability; Authority of Executive Director to Act on Behalf of Board; Relationship to Higher Education Institutions
(a) It is the duty of the board to manage and control the Jobs Investment Trust. With the advice and consent of the Senate, the Governor appoints an executive director of the Jobs Investment Trust who is or has been a senior executive of a major financial institution, brokerage firm, investment firm or similar institution, […]
§12-7-6. Corporate Powers
The board may: (1)( A) Make loans to eligible businesses with or without interest secured if and as required by the board; and (B) acquire ownership interests in eligible businesses. These investments may be made in eligible businesses that stimulate economic growth and provide or retain jobs in this state and shall be made only […]
§12-7-1. Purposes and Objectives; How Article Cited
This article, which may be cited as the "Jobs Investment Trust Act", is enacted to create a jobs investment trust to be used for the development, promotion and expansion of West Virginia's economy and to provide opportunities to businesses and college and university students to develop and implement plans for innovative projects and investment opportunity.