Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-4-2 - Definitions2.1. "Act" means the West Virginia Venture Capital Act, W. Va. Code § 5E-2-1 et seq.2.2. "Agreement" means any agreement or contractual relationship entered into between a Doctoral Institution and a Center pursuant to the provisions of W. Va. Code § 18B-12A-1 et seq.2.3. "Approved Institution of Higher Education" means:(a) A State institution of higher education as defined in W. Va. Code § 18B-1-2: Alderson-Broaddus College, Appalachian Bible College, Bethany College, the College of West Virginia, Davis and Elkins College, Ohio Valley College, Salem-Teikyo College, the University of Charleston, West Virginia Wesleyan College and Wheeling Jesuit College, all in West Virginia; and(b) Any other regionally or nationally accredited institution of higher education in this State, public or private, approved by the Vice Chancellor for Administration if the institution has been licensed for a minimum of fifteen years subject to the provisions of W. Va. Code §§ 18C-3-5 and 18C-1B-4.2.4. "Authority" means the West Virginia Economic Development Authority, provided for in W. Va. Code §§ 31-15-1 et seq.2.5. "Authorized Tax Credits" means the tax credits provided for in W. Va. Code § 5E-2-4.2.6. "Capital Base" means equity capital or net worth.2.7. "Capital Lease" means a lease meeting one or more of the following criteria: 1. The lease transfers ownership of the property to the lessee at the end of the lease term by the lessee's exercise of a purchase option which is de minimis in amount;2. The lease term is equal to seventy-five percent or more of the estimated economic life of the leased property. However, if the beginning of the lease term falls within the last twenty-five percent of the total estimated economic life of the leased property, including earlier years of use, this criterion shall not be used;3. Under generally accepted accounting principles, the lessee cannot treat payments to the capital company as payments under an operating lease; or4. For federal income tax purposes, the parties are required to real payments as amortization of principal and interest.2.8. "Center" means a center for economic development and technology advancement created pursuant to W. Va. Code § 18B-12A-3.2.9. "Certified West Virginia Capital Company" means:1. A West Virginia business development corporation created pursuant to W. Va. Code § 31-14-1 et seq.2. A profit or nonprofit entity organized and existing under the laws of this State, created for the purpose of making venture or risk capital available to qualified investments that has been certified by the Authority.2.10. "Director" means the Executive Director of the West Virginia Economic Development Authority, or his or her designated representative.2.11. "Doctoral Institution" means a State institution of higher education as defined in W. Va. Code § 18B-8-1(d).2.12. "Entity" means a non-profit, non-stock corporation organized exclusively for charitable, educational or scientific purposes within the meaning of §501(c) of the Internal Revenue Code of 1986, as amended, or a corporation, a partnership, limited partnership, limited liability company, trust or other business organization authorized under the West Virginia Code.2.13. "Equity" means common stock or preferred stock in a corporation including warrants and options which upon exercise entitle the holder to common or preferred stock. Equity also means a membership interest in a partnership or limited partnership or an ownership interest in any other type of entity, including warrants or options to purchase the ownership interest.2.14. "Fiscal Year" means July 1 through June 30, which is the fiscal year of the State.2.15. "Governing Body" means the Governing Body of a Center.2.16. "Investor" means an individual or Entity which has made a Qualified Investment in a Center.2.17. "Grant" or "Grant Program" means a Grant or the Grant Program authorized and established by the provisions of Chapter §18C, Article 5 of the West Virginia Code.2.18. "Partnership" includes a syndicate, group, pool, joint venture, or other unincorporated organization, through or by means of which any business, financing operation, or venture is carried on; and the term partner includes a member of the syndicate, group, pool, joint venture or organization. The term "Partnership" includes a general or limited partnership.2.19. "Pass-Through Entity" means any person, other than an individual, which is not classified for federal income tax purposes as an association taxed as a corporation.2.20. "Person" includes an individual or Entity.2.21. "President" means the chief executive officer of a Center employed pursuant to W. Va. Code § 18A-12A-5.2.22. "SBIC" or "Small Business Investment Company" means only an Entity which is licensed by the United States Small Business Administration as a Small Business Investment Company under the Small Business Investment Act of 1958, 15 U.S.C. §661 et seq., as amended.2.23. "Qualified Investment" means a debt or equity financing of or a gift, grant, or contributions in a Center, which has executed an agreement with a Doctoral Institution pursuant to West Virginia Code § 18B-12A-6.2.24. "Qualified West Virginia Capital Company" means a small business investment company licensed by the United States Small Business Investment Administration under the federal Small Business Investment Act of 1958, 15 U.S.C. §661, et seq., as amended.2.25. "S Corporation" or "Subchapter S Corporation" means a small business corporation as defined in Section 1361(b) of the Internal Revenue Code of 1954, 26 U.S.C. §1 et seq., as amended, for which an election under Section 1362(a) of the Code is in effect.2.26. "Senior Administrator" means the Vice Chancellor for Administration, as provided in W. Va. Code § 18B-1-2.2.27. "State" means the State of West Virginia.