Statutes, codes, and regulations
West Virginia Administrative Code
Agency 117 - Economic Development AuthorityTitle 117 - PROCEDURAL RULE ECONOMIC DEVELOPMENT AUTHORITY
Series 117-01 - General Administration Of The WV Capital Company Act: Establishment Of The Application Procedures To Implement The Act
Section 117-1-10 - Transition Rules

W. Va. Code R. § 117-1-10

Download
PDF
Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-1-10 - Transition Rules
10.1. 1991 Amendments to the Act. - - Because the Act was substantially amended during the regular session of the Legislature in 1991, the following provisions, along with W. Va. Code § 5E-1-19, shall provide transition guidelines for Qualified Investments.
10.1.a. Until repaid, all Qualified Investments made prior to the effective date of the 1991 amendments to the Act remain unaffected by such 1991 amendments and shall be governed by the Act as it appeared at the time the Qualified Investment was made, and the Rules promulgated under the Act. Funds repaid or returned to a Qualified Company and reinvested pursuant to W. Va. Code § 5E-1-12(b) and Subsection 6.10 of this Rule subsequent to the 1991 amendments shall be governed by the 1991 amendments.
10.1.b. A Qualified Investment made pursuant to any contract or agreement entered into prior to the effective date of the 1991 amendments to the Act by a Qualified Company whereby the Qualified Company agreed to make an investment or increase its investment in a West Virginia Business, with the investment or increase in investment to take place subsequent to the effective date of the 1991 amendments to the Act, shall remain unaffected by the 1991 amendments and shall be governed by the Act as it appeared at the time the contract or agreement was entered into, and the Rules promulgated under the Act.
10.1.c. Any refinancing or restructuring by a Qualified Company of a Qualified Investment which was made prior to the 1991 amendments to the Act shall remain unaffected by the 1991 amendments and shall be governed by the Act as it appeared at the time the Qualified Investment was initially made, and Rules promulgated under the Act; provided that, the refinancing or restructuring does not include any new investment by the Qualified Company.
10.1.d. Any Qualified Investment made by a Qualified Company on or after the effective date of the 1991 amendments to the Act shall be governed by the provisions of the Act as amended in 1991.
10.2. 2001 Amendments to the Act. - - Because certain provisions of the Act related to SBICs were substantially amended during the regular session of the Legislature in 2001, the following provisions shall provide transition guidelines for Qualified Companies which are SBICs:
10.2.a. Until repaid, all Qualified Investments made by SBICs prior to the effective date of the 2001 amendments to the Act shall remain unaffected by the 2001 amendments and shall be governed by the Act and the Rules promulgated under the Act as they appeared at the time the Qualified Investments were made; and
10.2.b. Qualified Investments made by SBICs on or after the effective date of the 2001 amendments to the Act shall be governed by the provisions of the Act as amended in 2001.

W. Va. Code R. § 117-1-10