La. Admin. Code tit. 10 § XV-319

Current through Register Vol. 50, No. 11, November 20, 2024

Section XV-319 - Change of Control

A. In the event of a change of control of a certified Louisiana capital company, at least 30 days prior to the effective date, the CAPCO shall provide written notification to the commissioner of the proposed transaction. Unless additional information is required, the commissioner shall review the information submitted and shall issue either an approval or denial of the change of control within 30 days of the receipt of the notification.

B. Information to be included in the notification shall include:

1. a completed biographical and financial statement on each new owner;

2. a copy of the proposed business plan of the new owners covering a three year period;

3. a discussion of the previous experience the proposed owner has in the field of venture capital;

4. a credit report on each new owner;

5. a listing of any changes to the board of directors and/or of the CAPCO;

6. a copy of any legal documents or agreements relating to the transfer, if applicable.

La. Admin. Code tit. 10, § XV-319

Promulgated by the Department of Economic Development, Office of the Secretary and the Office of the Governor, Office of Financial Institutions, LR 30:37 (January 2004).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:1926 and 1929.