(1) The department shall adopt and publish the eligibility criteria for Magnolia Capital Corporation to participate in the program as set forth in this chapter, a timetable and process for review of applications from Magnolia Capital Corporation, and program report forms, all in accordance with this chapter; provided, however, that Magnolia Venture Capital Corporation shall recommend to Magnolia Capital Corporation the approval of assistance under this chapter, and Magnolia Capital Corporation shall have sole authority over the approval of assistance provided under this chapter, and Magnolia Venture Capital Corporation shall have sole authority over the management of the assistance provided under this chapter.
(2) Magnolia Venture Capital Corporation shall prepare and adopt such uniform applications, forms, procedures and requirements for use in connection with the program as it deems necessary and appropriate.