Kan. Admin. Regs. § 110-1-1

Current through Register Vol. 43, No. 49, December 5, 2024

Section 110-1-1 - Application process

(a) Application to become a certified Kansas venture capital company shall be made upon the application form furnished by the secretary of the department of commerce.

(b) Each application form shall be signed by an authorized officer, or partner, and shall contain, as a minimum, the following information:

(1) the full, legal name of the company;

(2) the address of the applicant's principal office for the state;

(3) the names and addresses of the applicant's directors, officers, general partners and managing partners;

(4) a certified copy of the certificate of incorporation and articles of incorporation, or a certified copy of the certificate of formation of a limited partnership, or trust documents, or other evidence that the company is organized or existing under the laws of Kansas;

(5) adequate proof of a minimum level of equity capitalization of $1,500,000 as required by K.S.A. 1986 Supp. 74-8306(b), as amended by L. 1987, Chapter 320, Section 3, and the level of capitalization the company expects to qualify for tax credits through cash investment in the venture capital company within the current calendar year. The cash investment shall be in the form of money or the equivalent of money. "Equivalent of money," for the purpose of cash investment in a certified Kansas venture capital company, shall mean instruments which are immediately convertible into U.S. currency of a readily determinable amount and which have equal worth as U.S. currency including checks, cashier's checks, money orders, and certificates of deposit with a term of 90 days or less;

(6) the business history of the applicant; and

(7) a statement of assurances which provides that:

(A) the applicant's purpose is to encourage and assist in the creation, development, and expansion of Kansas businesses and to provide maximum opportunities for the employment of Kansans;

(B) the applicant will disclose to all investors that the state of Kansas can not be held liable for damages to an investor in a certified venture capital company as provided in K.S.A. 1986 Supp. 74-8311;

(C) the applicant will comply with all requirements of the Kansas venture capital company act, including the filing of annual reports.

(c) If an application is incomplete, the applicant, upon notification by the department, shall submit the required information within 10 working days. If the required information is not received within this time period, the application for certification shall be refused. Upon refusal of certification, a subsequent application for certification may be submitted.

(Authorized and implementing K.S.A. 1986 Supp. 74-8305, effective May 1, 1987, amended, T-88-53, Jan. 1, 1988; amended May 1, 1988.)

Kan. Admin. Regs. § 110-1-1