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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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ECONOMIC DEVELOPMENT |
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DIVISION I. DEPARTMENT OF BUSINESS AND ECONOMIC DEVELOPMENT |
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TITLE 5. ECONOMIC DEVELOPMENT AND FINANCIAL ASSISTANCE PROGRAMS |
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SUBTITLE 5. MARYLAND SMALL BUSINESS DEVELOPMENT FINANCING AUTHORITY |
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PART V. EQUITY PARTICIPATION INVESTMENT PROGRAM |
§ 5-549. Definitions
Latest version.
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(a) In general. -- In this part the following words have the meanings indicated.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1041(a).
(b) Enterprise. --
(1) "Enterprise" means a business entity proposing to carry on a business in the State that meets the requirements of § 5-526 of this subtitle.
(2) "Enterprise" includes:
(i) a sole proprietorship;
(ii) a partnership;
(iii) a limited partnership;
(iv) a corporation; or
(v) a joint venture.
** REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1041(b).
** DEFINED TERM:
"State" § 1-101
**
(c) Equity participation financing. -- "Equity participation financing" includes investment or guaranty of investment in an enterprise.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1041(c).
"Enterprise" § 5-549
**
(d) Existing business. -- "Existing business" means a business whose board of directors or owners approve the sale of the business to an enterprise receiving equity participation financing.
REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-1041(d).
REVISOR'S NOTE
No changes are made.
DEFINED TERMS:
"Enterprise" § 5-549
DEFINED TERMS:
"Equity participation financing" § 5-549
**
(e) Franchise. -- **
(1) "Franchise" has the meaning stated in § 14-201 of the Business Regulation Article. **
(2) "Franchise" includes only franchise offerings that are registered or exempt under the Maryland Franchise Registration and Disclosure Law.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1041(e).
REVISOR'S NOTE
In paragraph (1) of this subsection, the former reference to "a contract or agreement and" is deleted as redundant in light of the reference to the meaning stated in BR § 14-201.
REVISOR'S NOTE
As to the Maryland Franchise Registration and Disclosure Law, see BR Title 14, Subtitle 2. **
(f) Fund. -- "Fund" means the Equity Participation Investment Program Fund.
REVISOR'S NOTE
This subsection is new language added for consistency within this subtitle. **
(g) Program. -- "Program" means the Equity Participation Investment Program.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1041(f). **
(h) Qualified security. -- "Qualified security" means: **
(1) a note, bond, debenture, or other evidence of indebtedness; **
(2) stock or other form of equity participation; **
(3) a certificate of interest or participation in a profit-sharing agreement; **
(4) an investment contract; **
(5) a certificate of deposit for a security; **
(6) a certificate of interest or participation in a patent or patent application or in royalty or other payments under a patent or patent application; or **
(7) an interest or instrument commonly known as a "security" or a certificate for, receipt for, guaranty of, or option, warrant, or right to subscribe to or purchase a qualified security.
REVISOR'S NOTE
This subsection is new language derived without substantive change from former Art. 83A, § 5-1041(g). **
(i) Technology-based business. -- "Technology-based business" means a commercial or industrial enterprise engaged in the application of scientific knowledge to practical purposes in a particular field for a profit.
REVISOR'S NOTE
This subsection formerly was Art. 83A, § 5-1041(h).
REVISOR'S NOTE
No changes are made.
DEFINED TERM:
"Enterprise" § 5-549