New Mexico § 6-33-4 Investments; qualifications; board approval

New Mexico Statutes

§ 6-33-4 — Investments; qualifications; board approval

New Mexico § 6-33-4

Ch. 6Public Finances

Art. 33Venture Capital Program

This text of New Mexico § 6-33-4 (Investments; qualifications; board approval) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 6-33-4 (2026).

Text

A. In making investments pursuant to the Venture Capital Program Act, the authority shall make:

(1)investments in venture private equity funds; or (2) early stage investments in New Mexico businesses whose investments or enterprises enhance the economic development objectives of the state. B. The authority is authorized to make investments in New Mexico businesses to create new job opportunities and to support new, emerging or expanding businesses in a manner consistent with the constitution of New Mexico if:

(1)an investment in any one business does not exceed ten percent of the balance of the venture capital program fund;

(2)an investment in any one industry does not exceed thirty percent of the balance of the venture capital program fund; and (3) the investments represent no more tha

Free access — add to your briefcase to read the full text and ask questions with AI

A. In making investments pursuant to the Venture Capital Program Act, the authority shall make: (1) investments in venture private equity funds; or (2) early stage investments in New Mexico businesses whose investments or enterprises enhance the economic development objectives of the state. B. The authority is authorized to make investments in New Mexico businesses to create new job opportunities and to support new, emerging or expanding businesses in a manner consistent with the constitution of New Mexico if: (1) an investment in any one business does not exceed ten percent of the balance of the venture capital program fund; (2) an investment in any one industry does not exceed thirty percent of the balance of the venture capital program fund; and (3) the investments represent no more than fifty-one percent of the total investment capital in a business; provided, however, that nothing in this subsection prohibits the ownership of more than fifty-one percent of the total investment capital in a New Mexico business if the additional ownership interest: (a) is due to foreclosure or other action by the authority pursuant to agreements with the business or other investors in that business; (b) is necessary to protect the investment; and (c) does not require an additional investment of the fund. C. In making investments pursuant to the Venture Capital Program Act, the authority may make differential rate investments for economic development purposes. D. The authority shall make investments pursuant to the Venture Capital Program Act only upon approval of the board of directors of the authority and within guidelines and policies established by the board.