§5E-1-15. Investment Reporting and Record Keeping
(a) Each qualified West Virginia capital company shall report, at a minimum, to the Tax Commissioner and the authority on a semiannual basis: (1) The name of each investor in the qualified West Virginia capital company who is entitled to a tax credit;
§5E-1-16. Examination
(a) Annually each qualified capital company and center shall cause its books and records to be audited by an independent certified public accountant in accordance with generally accepted auditing and accounting principles. In addition to the performance of a financial audit, the audit shall address the methods of operation and conduct of the business of […]
§5E-1-17. Failure to Comply
(a) If the examination conducted pursuant to section sixteen of this article discloses that a West Virginia capital company or center is not in compliance with the provisions of this article, the authority may exercise any of the powers necessary and appropriate to protect the authority's interest. (b) The authority shall give a West Virginia […]
§5E-1-18. Ruling Procedure
(a) The authority may issue an informal ruling as to its position on the application of this article and the rules promulgated thereunder to a stated transaction or event. (b) Such rulings will only be issued after receipt of a written request and payment of a nonrefundable filing fee. (c) Such rulings shall not constitute […]
§5E-1-10. Application Requirements
(a) Each company shall make application to the authority on forms provided by the authority, which shall set forth: (1) The capitalization level of capital company;
§5E-1-11. Disclaimer of Liability of the State
The state of West Virginia shall not be liable to any investor or qualified capital company as a result of this article or any of the activities authorized herein by any court of law.
§5E-1-12. Qualified Investments; Liquidation or Dissolution
(a) A qualified West Virginia capital company shall use its capital base to make qualified investments according to the following schedule: (1) At least thirty-five percent of its capital base within the first year of the date on which the capital company which is not a small business investment company was designated as qualified by […]
§5E-1-13. Restrictions on Investment
(a) No more than thirty percent of the equity raised by a West Virginia capital company under this article may be invested in any one West Virginia business. (b) No portion of the capital base of a West Virginia capital company may be invested in a business that is the "alter ego" of that West […]
§5E-1-14. Conflict of Interest
No officer, member or employee of the authority shall be financially interested, directly or indirectly, in any capital company.
§5E-1-5. Rules
The authority shall promulgate rules in accordance with article three, chapter twenty-nine-a of this code to carry out the policy and purposes of this article, to provide any necessary clarification of the provisions of this article and to efficiently provide for the general administration of this article. The authority may promulgate additional rules in accordance […]