§ 9-12-1307 — Requirements for continuance of certification

(a) To maintain certification under this article, a
Wyoming small business investment company shall make qualified
investments as follows:
(i) Within two (2) years after the allocation date, a
Wyoming small business investment company shall invest an amount
equal to at least twenty-five percent (25%) of its designated
capital in qualified investments; and
(ii) Within four (4) years after the allocation date,
a Wyoming small business investment company shall invest an
amount equal to at least fifty percent (50%) of its designated
capital in qualified investments.
(b) Before making a proposed qualified investment in a
specific business, a Wyoming small business investment company
shall request from the council a written determination that the
proposed investment is a qualified investment in a qualified
business. The council shall notify a Wyoming small business
investment company within ten (10) business days from the
receipt of a request of its determination and an explanation
thereof. If the council does not notify the Wyoming small
business investment company of its determination within ten (10)
business days, the proposed investment is deemed to be a
qualified investment in a qualified business.
(c) Any designated capital not invested in qualified
investments by a Wyoming small business investment company shall
be held or invested in such manner as the Wyoming small business
investment company, in its discretion, deems appropriate.
(d) Designated capital and proceeds of designated capital
returned to a Wyoming small business investment company after
being originally invested in qualified investments may be
invested again in qualified investments and such investment
shall be considered under the requirements of subsections (a),
(e) and (f) of this section for the purposes of making
investments of designated capital in qualified investments.
(e) If, within six (6) years after its allocation date, a
Wyoming small business investment company has not invested at
least seventy percent (70%) of its designated capital in
qualified investments, neither the Wyoming small business
investment company nor its affiliates shall be permitted to
receive management fees.
(f) If, within eight (8) years after its allocation date,
a Wyoming small business investment company has not invested one
hundred percent (100%) of its designated capital in qualified
investments, neither the Wyoming small business investment
company nor its affiliates shall be permitted to receive
management fees.
(g) A Wyoming small business investment company shall not
invest more than twenty percent (20%) of its designated capital
in any one (1) qualified business without the specific approval
of the council.
(h) For purposes of calculating the investment percentages
in this section, the cumulative amount of all qualified
investments made by a Wyoming small business investment company
from the allocation date shall be considered.
(j) A Wyoming small business investment company may, at
any time but not more than once every two (2) years, request
that the council determine if the Wyoming small business
investment company is in compliance with the requirements of
this section. Upon a request under this subsection, the council
shall, not later than sixty (60) days after receipt of a request
under this subsection, certify that the Wyoming small business
investment company has satisfied the requirements of this
section as of the date of the request or provide notice of
noncompliance and an explanation of the deficiencies. If the
council does not provide such notification within the sixty (60)
day period, the Wyoming small business investment company shall
be deemed to have met the applicable requirements of this
section as of the date of the request.