§ 9-12-1303 — Certification

Wyoming § 9-12-1303

• Jurisdiction: Wyoming
• Title 09: Administration of the Government
• Ch. 12: WYOMING ECONOMIC DEVELOPMENT ACT
• Art. 13: WYOMING SMALL BUSINESS INVESTMENT CREDIT

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(a) The Wyoming business council shall provide a form for
applying for certification as a Wyoming small business
investment company.
(b) An applicant to be certified as a Wyoming small
business investment company shall:
(i) File an application with the council and pay a
nonrefundable fee equal to the annual certification fee provided
under W.S. 9-12-1308(b);
(ii) Submit as part of the application an audited
balance sheet which contains an unqualified opinion of an
independent certified public accountant issued not more than
sixty (60) days before the application date and includes a
statement that the applicant has an equity capitalization of
five hundred thousand dollars ($500,000.00) or more in the form
of unencumbered cash, marketable securities or other liquid
assets; and
(iii) Have at least two (2) principals or persons,
employed or engaged to manage the funds who each have a minimum
of five (5) years of money management experience in the venture
capital or private investment industry or five (5) years of
experience as an officer in a commercial bank and acceptable
business qualifications as determined by the council in
consultation with the Wyoming state banking commissioner.
(c) The council may certify a partnership, corporation,
trust or limited liability company which is organized on a for-
profit basis and submits an application to be designated as a
Wyoming small business investment company if:
(i) The applicant is located, headquartered and
licensed or registered to conduct business in Wyoming;
(ii) The applicant has as its primary business the
activity of investing cash in qualified businesses;
(iii) After a review of the organizational documents
and the business history of each applicant the council
determines that the officers and the board of directors, general
partners, trustees, managers or members of the applicant are
acquainted with the requirements of this article; and
(iv) The applicant has complied with the requirements
set forth in subsection (b) of this section for a Wyoming small
business investment company and is otherwise qualified pursuant
to the provisions of this article.
(d) Not more than forty-five (45) days after the receipt
of an application under this section, the council shall issue a
certification as a Wyoming small business investment company or
refuse to issue the certification and provide to the applicant
the grounds for the refusal and any information that may allow
the applicant to obtain certification.
(e) The council shall begin accepting applications for
certification as a Wyoming small business investment company not
later than January 1, 2011.
(f) The council may contract with an independent third
party to review, investigate and certify that the applications
under this section and requests under W.S. 9-12-1307(j) and
9-12-1310(c) comply with the provisions of this article.