Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-3-8 - Liquidation of a Fund or Fund Share; Repurchase of Investor Ownership Interests8.1. Liquidation of Entire Fund or Fund Share. Unless otherwise set forth in the applicable Governance Agreement, the subscription agreement or any other document agreed to by the investors, at any time after the 5th anniversary of the first investment made by the Fund Manager of a Fund or Fund Share in a West Virginia Business, the Fund or Fund Share may be liquidated at the unanimous written consent of all investors of such Fund or Fund Share or at the discretion of the applicable Governing Entity. Upon liquidation, the assets of the Fund or Fund Share shall be distributed in cash or in kind to the investors of the Fund or Fund Share on a pro rata basis.8.2. Repurchase of Investor Ownership Interests. Unless otherwise set forth in the applicable Governance Agreement, the subscription agreement or such other document agreed to by the investors, at any time after the 5th anniversary of the first investment made by the Fund Manager of the Fund or Fund Share in a West Virginia Business, an investor in such Fund or Fund Share may, upon written request to the applicable Governing Entity, have all or any portion of such investor's ownership interest repurchased at a value agreed to by the Governing Entity and the investor. Upon such repurchase of the investor's ownership interest, the investor shall receive, in the discretion of the applicable Governing Entity, cash and/or a distribution in kind of assets of the Fund or Fund Share which collectively equals the value agreed to by the Governing Entity and the investor.