Md. Code, Economic Development § 10-4A-20
This is the official text of Md. Code, Economic Development § 10-4A-20, part of Maryland’s Code, Economic Development — governs the state's economic development programs.
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§10–4A–20.
Official statutory text
(a) A venture firm may make a qualified distribution at any time.
(b) To make a distribution that is not a qualified distribution, a venture firm shall pay to the Comptroller the venture firm’s pro rata share of distributions made to all limited partners as provided under the applicable partnership documents and any agreement with the Corporation.
(c) (1) Except as provided in paragraph (2) of this subsection, the Comptroller shall distribute all payments received under this section to the General Fund within 30 days of receipt.
(2) (i) If the Corporation has an obligation under applicable venture firm investment documents to return to the venture firm a payment previously distributed to the Comptroller, the Comptroller shall deposit an amount equal to that payment into the Enterprise Fund to cover the obligation.
(ii) If the Corporation determines that the money deposited under subparagraph (i) of this paragraph is no longer required to be returned to a venture firm under the applicable investment documents, the Corporation shall notify the Comptroller that the money may be distributed to the General Fund.
(b) To make a distribution that is not a qualified distribution, a venture firm shall pay to the Comptroller the venture firm’s pro rata share of distributions made to all limited partners as provided under the applicable partnership documents and any agreement with the Corporation.
(c) (1) Except as provided in paragraph (2) of this subsection, the Comptroller shall distribute all payments received under this section to the General Fund within 30 days of receipt.
(2) (i) If the Corporation has an obligation under applicable venture firm investment documents to return to the venture firm a payment previously distributed to the Comptroller, the Comptroller shall deposit an amount equal to that payment into the Enterprise Fund to cover the obligation.
(ii) If the Corporation determines that the money deposited under subparagraph (i) of this paragraph is no longer required to be returned to a venture firm under the applicable investment documents, the Corporation shall notify the Comptroller that the money may be distributed to the General Fund.
Status: in_force · Read it on the official government site
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