2013 Maryland Code
ECONOMIC DEVELOPMENT
§ 6-519 - Qualified business
§6-519.
(a) (1) A business that is classified as a qualified business at the time of the first investment in the business by a venture firm, the Enterprise Fund, or the Financing Authority remains classified as a qualified business and may receive follow-on investments from a venture firm, the Enterprise Fund, or the Financing Authority.
(2) Except as provided in paragraph (3) of this subsection, a follow-on investment made under this subsection is a qualified investment even though the business does not meet the definition of a qualified business at the time of the follow-on investment.
(3) With respect to an investment by the Enterprise Fund or the Financing Authority, a follow-on investment does not qualify as a qualified investment if, at the time of the follow-on investment, the qualified business no longer has its principal business operations in the State.
(b) Each venture firm shall inform the Department in writing when the venture firm requires designated capital for investment or for the payment of approved fees and expenses.
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