Texas Administrative Code
Title 10 - COMMUNITY DEVELOPMENT
Part 5 - OFFICE OF THE GOVERNOR, ECONOMIC DEVELOPMENT AND TOURISM OFFICE
Chapter 177 - PRODUCT DEVELOPMENT AND SMALL BUSINESS INCUBATOR FUND
Section 177.7 - Monitoring and Reporting Requirements
Universal Citation: 10 TX Admin Code ยง 177.7
Current through Reg. 49, No. 12; March 22, 2024
(a) Any user under the program will be required to meet reporting and compliance requirements, as set out in the agreement between the user and the bank, including, but not limited to:
(1) annual
submission of audited fiscal year end financial statements;
(2) annual update, including but not limited
to efforts and progress toward commercialization;
(3) the use of money distributed through
either fund;
(4) notification
within 10 days of a user's name change or any other non-material change in the
user's product or business;
(5)
notification in advance of any anticipated material change to the user's
product or business; and
(6)
notification within five days of any material change to the user's product or
business.
(7) In the event of a
name change, sale, or assumption, or similar change, notification to the bank
must include a copy of the certificate of amendment to the articles of
incorporation, and/or the d/b/a statement under which the user operates, filed
with the Texas Secretary of State, as applicable.
(b) Projects may be subject to on site monitoring visits, by the board, the bank or its designee. Such visits shall occur during normal working hours, upon reasonable notice, and be conducted in a manner that is consistent with obligations of confidentiality and workplace safety.
Disclaimer: These regulations may not be the most recent version. Texas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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