Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-1-8 - Dissolution or Liquidation of Qualified Company8.1. General Rule. -- A Qualified Company which is not a SBIC may be dissolved or liquidated only after notice and approval of the dissolution or liquidation by the Authority. The approval shall not be unreasonably withheld by the Authority. Unless waived by the Authority, no dissolution or liquidation of any Qualified Company which is not a SBIC may be made if the dissolution or liquidation would cause the provisions of Subsection 6.10 of this Rule or W. Va. Code § 5E-1-12(b) to be violated. The standard to be applied by the Authority in determining whether dissolution or liquidation would cause the provisions to be violated is that set forth in Subsection 7.10 of this Rule.8.2. Application Requirements. -- A Qualified Company which is not a SBIC desiring to dissolve or liquidate shall make written application to the Authority requesting the Authority's approval for the dissolution or liquidation. The written application shall include the following: 8.2.a. A description of all Qualified Investments of the Qualified Company currently outstanding;8.2.b. Information certifying that all Qualified Investments currently outstanding have been maintained or reinvested, pursuant to W. Va. Code § 5E-1-12(b) and Subsection 6.10 of this Rule, for a period of at least five (5) years; or, if all Qualified Investments currently outstanding have not been maintained or reinvested, those investments shall be identified; and8.2.c. Any additional information specified by the Authority.8.3. Requests for Information. -- A Qualified Company which is not a SBIC applying for approval to dissolve or liquidate shall provide all information requested by the Authority.8.4. Compliance Audits. -- The Authority may perform an audit or examination of any Qualified Company requesting approval for dissolution or liquidation to ascertain or verify the Qualified Company's compliance with the Act and this Rule.