2006 Ohio Revised Code - 150.01. Definitions.

§ 150.01. Definitions.
 

(A)  As used in this chapter: 

(1) "Authority" means the Ohio venture capital authority created under section 150.02 of the Revised Code. 

(2) "Lender" means any person that lends money to the program fund as provided in this chapter. 

(3) "Loss" means a loss incurred with respect to a lender's loan to the program fund. Such a loss is incurred only if and to the extent a program administrator fails to satisfy its obligations to the lender to make timely payments of principal or interest as provided in the loan agreement between the lender and the program administrator. "Loss" does not include either of the following: 

(a) Any loss incurred by the program fund, including a loss attributable to any investment made by a program administrator; 

(b) Any loss of the capital required to be provided by a program administrator, or income accruing to that capital, under the agreement entered into under division (B) of section 150.05 of the Revised Code. 

(4) "Ohio-based business enterprise" means a person that is engaged in business, that employs at least one individual on a full-time or part-time basis at a place of business in this state, including a person engaged in business if that person is a self-employed individual, and that is in the seed or early stage of business development requiring initial or early stage funding or is an established business enterprise developing new methods or technologies. 

(5) "Ohio-based venture capital fund" means a venture capital fund having its principal office in this state, where the majority of the fund's staff are employed and where at least one investment professional is employed who has at least five years of experience in venture capital investment. 

(6) "Program fund" means the fund created under section 150.03 of the Revised Code. 

(B)  The general assembly declares that its purpose in enacting Chapter 150. of the Revised Code is to increase the amount of private investment capital available in this state for Ohio-based business enterprises in the seed or early stages of business development and requiring initial or early stage funding, as well as established Ohio-based business enterprises developing new methods or technologies, thereby increasing employment, creating additional wealth, and otherwise benefiting the economic welfare of the people of this state. Accordingly, it is the intention of the general assembly that the Ohio venture capital authority focus its investment policy principally on venture capital funds investing in such Ohio-based business enterprises. 
 

HISTORY: 149 v S 180. Eff 4-9-2003.