Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-3-4 - Fund Managers4.1. Application. -- Any individual or Entity, including, without limitation, a Federal Program Participant, desiring to apply for designation by the Authority as a Fund Manager shall submit a written application on forms provided by the Authority or, in the discretion of the Authority, shall submit a written proposal to the Authority in response to a request for proposal issued by the Authority. 4.1.1. Contents of Application or Proposal. -- The application or proposal shall be signed and verified by the applicant or by a duly authorized representative of the applicant, and shall contain the following information:4.1.1.a. The full legal name and tax identification number of the applicant;4.1.1.b. The mailing and office addresses and telephone numbers of the applicant's principal office in this State; and if different, the mailing and office addresses and telephone numbers of the applicant's principal place of business;4.1.1.c. A certified copy, as applicable, of the applicant's: Articles of Incorporation; certificate of formation of a limited partnership; Articles of Organization of a limited liability company; documents that evidence the creation of a trust; or any other evidence that the Applicant is organized and existing as an Entity;4.1.1.d. Unless otherwise directed by the Authority, the titles, names, home and business addresses, telephone numbers and tax identification numbers of, as applicable, the applicant's directors, officers, shareholders, partners, members, managers, trustees or other persons or Entities serving on the Managing Body of, or having an ownership interest in, the applicant. The addresses shall include street and number, city or town, state and zip code;4.1.1.e. Information evidencing that the applicant has met all minimum requirements for Fund Managers as set forth in Subsection 4.2 of this Rule;4.1.1.f. A statement that the Applicant, if designated as a Fund Manager, will comply with all requirements of the Act and this Rule;4.1.1.g. The procedure by which the Applicant, if designated as a Fund Manager, would insure compliance with Subsection 7.4 of this Rule; and4.1.1.h. Any and all additional information requested by the Authority.4.1.2. Application Forms and Requests for Proposals. -- The form for applying to become a Fund Manager or a request for proposal may be obtained from the Director at the following address: West Virginia Economic Development Authority, NorthGate Business Park, 160 Association Drive, Charleston, WV 25311-1217.4.1.3. Filing. -- Each Applicant shall file with the Director three (3) complete applications or proposals with original signatures.4.1.4. Receipt. -- The Director shall only receive applications or proposals at the times set forth by the Director in notices published in the State Register.4.2. Minimum Requirements of Fund Managers. -- The following requirements apply as indicated to all Fund Managers and applicants for Fund Manager:4.2.a. Business Office. -- A Fund Manager or applicant for Fund Manager, prior to the execution of a participation or other agreement with the Fund or Governing Entity of the Fund in accordance with Subsection 4.4 of this Rule, shall have a business office located within the State of West Virginia. The office shall have a listed telephone number and shall be open to the public during normal business hours;4.2.b. Net Worth. -- A Fund Manager or applicant for Fund Manager shall have a minimum net worth, as evidenced by financial statements submitted to the Authority, in such an amount as is acceptable to the Authority;4.2.c. Experience. -- A Fund Manager or applicant for Fund Manager shall have investment experience acceptable to the Authority;4.2.d. Business Registration Certificate. -- A Fund Manager or applicant for Fund Manager shall hold a valid West Virginia business registration certificate pursuant to W. Va. Code §§ 11-12-1 et seq., or be exempt from registration.4.3. Review of Applications and Proposals. -- The Authority shall review all applications and proposals properly and timely submitted to the Director.4.4. Designation of Fund Managers; Execution of Participation Agreements. The Authority, in its discretion, shall select from the applications or proposals properly and timely submitted to the Director one (1) Fund Manager for each Fund or Fund Share. The Authority shall not designate any individual or Entity as a Fund Manager until a participation or other agreement has been executed between the applicant and the Fund or Governing Entity of the applicable Fund evidencing the designation of the applicant as a Fund Manager and setting forth terms and conditions that are acceptable to the Authority and the applicant including, without limitation, provisions setting forth: 4.4.1. The Fund Manager's compensation; and4.4.2. All other terms that are agreed to by the Governing Entity and the Fund Manager.