Current through Register Vol. 43, No. 52, December 26, 2024
(a)
Application to become a certified Kansas venture capital company shall be made
upon the application form furnished by the secretary of the department of
commerce.
(b) Each application
form shall be signed by an authorized officer, or partner, and shall contain,
as a minimum, the following information:
(1)
the full, legal name of the company;
(2) the address of the applicant's principal
office for the state;
(3) the
names and addresses of the applicant's directors, officers, general partners
and managing partners;
(4) a
certified copy of the certificate of incorporation and articles of
incorporation, or a certified copy of the certificate of formation of a limited
partnership, or trust documents, or other evidence that the company is
organized or existing under the laws of Kansas;
(5) adequate proof of a minimum level of
equity capitalization of $1,500,000 as required by K.S.A. 1986 Supp.
74-8306(b), as amended by L. 1987, Chapter 320, Section 3, and the level of
capitalization the company expects to qualify for tax credits through cash
investment in the venture capital company within the current calendar year. The
cash investment shall be in the form of money or the equivalent of money.
"Equivalent of money," for the purpose of cash investment in a certified Kansas
venture capital company, shall mean instruments which are immediately
convertible into U.S. currency of a readily determinable amount and which have
equal worth as U.S. currency including checks, cashier's checks, money orders,
and certificates of deposit with a term of 90 days or less;
(6) the business history of the applicant;
and
(7) a statement of assurances
which provides that:
(A) the applicant's
purpose is to encourage and assist in the creation, development, and expansion
of Kansas businesses and to provide maximum opportunities for the employment of
Kansans;
(B) the applicant will
disclose to all investors that the state of Kansas can not be held liable for
damages to an investor in a certified venture capital company as provided in
K.S.A. 1986 Supp. 74-8311;
(C) the
applicant will comply with all requirements of the Kansas venture capital
company act, including the filing of annual reports.
(c) If an application is
incomplete, the applicant, upon notification by the department, shall submit
the required information within 10 working days. If the required information is
not received within this time period, the application for certification shall
be refused. Upon refusal of certification, a subsequent application for
certification may be submitted.
(Authorized and implementing K.S.A. 1986 Supp. 74-8305,
effective May 1, 1987, amended, T-88-53, Jan. 1, 1988; amended May 1, 1988.)