Venture Capital Act
Mississippi · Planning, Research and Development · §§ 57-77-1 to 57-77-9 · 21 sections
Overview
The Venture Capital Act establishes a state-sponsored venture capital financing program, creating public-purpose corporations that operate as instrumentalities of the state to channel investment capital to businesses within the state. It authorizes the issuance of bonds and notes to capitalize a dedicated Venture Capital Fund, from which loans are made to a participating capital corporation under statutory terms, and it exempts the venture capital corporation from state taxation and license fees. The act also provides a credit against state tax liability, requires nondiscrimination certification as a condition of assistance, and directs the responsible state department to adopt eligibility criteria, application procedures, and reporting requirements governing participation in the program.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 4 court decisions.
Most-cited authority: 151 F.3d 439 - Magnolia Venture Capital Corporation v. Prudential Securities, Inc., Mississippi Department of Economic and Community Development
Sections covered
- Miss. Code Ann. § 57-77-1Short title2 cites
- Miss. Code Ann. § 57-77-11Formation of Magnolia Venture Capital Corporation; officers and directors; bylaws and articles of incorporation; general powers and duties; replacement of directors; dissolution of Magnolia Venture Capital Corporation and fund
- Miss. Code Ann. § 57-77-13Exemption from taxation and license fees of Magnolia Venture Capital Corporation
- Miss. Code Ann. § 57-77-15Magnolia Capital Corporation to apply to department for loan
- Miss. Code Ann. § 57-77-17Terms and conditions of loan to Magnolia Capital Corporation
- Miss. Code Ann. § 57-77-19Assistance of Magnolia Capital Corporation with program compliance
- Miss. Code Ann. § 57-77-2Legislative intent
- Miss. Code Ann. § 57-77-21Reports by Magnolia Capital Corporation
- Miss. Code Ann. § 57-77-23Authority of corporations to engage professional services
- Miss. Code Ann. § 57-77-25Adoption of eligibility criteria, timetable and report forms governing Magnolia Capital Corporation participation in venture capital loan program; adoption of applications, forms, procedures and requirements by Magnolia Venture Capital Corporation
- Miss. Code Ann. § 57-77-27Certification of nondiscrimination as condition to assistance to business
- Miss. Code Ann. § 57-77-29Creation of Venture Capital Fund; deposits and disbursements; disposition of funds for repayment of bonds; use of remaining monies; receipt and use of monetary and nonmonetary assets
- Miss. Code Ann. § 57-77-3Purpose of chapter; entities as instrumentalities of the state; sovereign immunity2 cites
- Miss. Code Ann. § 57-77-31Redemption, repayment, purchase or cancellation of bonds and notes; appropriations for payment of principal and interest on bonds and notes; rate of interest on loans made using funds from Venture Capital Fund
- Miss. Code Ann. § 57-77-33Issuance of bonds and notes generally; terms, form, execution, etc., of bonds and notes
- Miss. Code Ann. § 57-77-35Sale of bonds; temporary bonds; investment of bond proceeds; registration of bond sales; payment of costs and expenses
- Miss. Code Ann. § 57-77-37Disposition of proceeds of sale of bonds; allocation of nonfederal funds
- Miss. Code Ann. § 57-77-39Representation of seller by Attorney General with respect to issuing, selling and validating bonds or notes; payment of expenses relating to issuance of bonds or notes
- Miss. Code Ann. § 57-77-5Definitions
- Miss. Code Ann. § 57-77-7Taxpayer entitlement to credit against state tax liability
- Miss. Code Ann. § 57-77-9Formation of Magnolia Capital Corporation; officers and directors; bylaws and articles of incorporation; general powers and duties; meetings; replacement of directors; dissolution of Magnolia Venture Capital Corporation and fund
Enacted in other states
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