As used in NRS 355.250 to 355.285, inclusive, unless the context otherwise requires, the words and terms defined in NRS 355.255, 355.260 and 355.265 have the meanings ascribed to them in those sections. (Added to NRS by 2011, 2581)
“Corporation for public benefit” means a corporation that is recognized as exempt pursuant to section 501(c)(3) of the Internal Revenue Code of 1986, future amendments to that section and the corresponding provisions of future internal revenue laws. (Added to NRS by 2011, 2581)
“Private equity funding” means an investment in or a purchase of securities in operating businesses that are not publicly traded on a stock exchange. (Added to NRS by 2011, 2581)
“Venture capital” means equity, near-equity and seed capital financing, including, without limitation, early stage research and development capital for start-up enterprises, and other equity, near-equity or seed capital for growth and expansion of entrepreneurial enterprises. (Added to NRS by 2011, 2581)
1. The State Treasurer shall cause to be formed in this State an independent corporation for public benefit, the general purpose of which is to act as a limited partner of limited partnerships or a shareholder or member of limited-liability companies that provide private equity funding to businesses: (a) Located in this State or seeking […]
1. The corporation for public benefit may place investments through the use or assistance of: (a) External asset managers; or (b) Private equity investment firms. 2. Money received pursuant to NRS 355.280 by the corporation for public benefit may be used to make venture capital investments. (Added to NRS by 2011, 2582)
If the State Treasurer obtains the judicial determination required by subsection 3 of NRS 355.060, the State Treasurer may transfer an amount not to exceed $75,000,000 from the State Permanent School Fund to the corporation for public benefit. Such a transfer must be made pursuant to an agreement that requires the corporation for public benefit […]
The State Treasurer: 1. May adopt such regulations as he or she deems necessary to carry out the provisions of NRS 355.250 to 355.285, inclusive. 2. Shall adopt regulations: (a) Requiring the performance of audits and the submission of reports to ensure compliance with the provisions of NRS 355.250 to 355.285, inclusive, and the regulations […]
