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HB5452 Engrossed LRB097 19625 PJG 64879 b AN ACT concerning State government.
HB5452 Enrolled LRB097 19625 PJG 64879 b AN ACT concerning State government.
(b) To enter into written agreements or contracts (including limited partnership agreements) with one or more professional investors or one or more seed capital investors, if any, for the purpose of establishing a pool of funds to be used exclusively as venture capital or seed capital HB5452 Engrossed - 2 - LRB097 19625 PJG 64879 b investments.
(b) To enter into written agreements or contracts (including limited partnership agreements) with one or more professional investors or one or more seed capital investors, if any, for the purpose of establishing a pool of funds to be used exclusively as venture capital or seed capital HB5452 Enrolled - 2 - LRB097 19625 PJG 64879 b investments.
(c) To make co-venture investments by entering into agreements with one or more professional investors or one or more seed capital investors, if any, who have formally agreed to invest at least 50% as much as the Authority invests in the HB5452 Engrossed - 3 - LRB097 19625 PJG 64879 b enterprise, for the purpose of providing venture capital or seed capital;
(c) To make co-venture investments by entering into agreements with one or more professional investors or one or more seed capital investors, if any, who have formally agreed to invest at least 50% as much as the Authority invests in the HB5452 Enrolled - 3 - LRB097 19625 PJG 64879 b enterprise, for the purpose of providing venture capital or seed capital;
The Authority and participating professional investors and seed capital investors shall share ratably in the profits earned in any form on the co-venture investment, but the Authority may, at its discretion, agree to pay to a participating professional investor a percentage, not to exceed 40% (computed on an annual basis), of cash and other property payable to the Authority as its pro-rata share of distributions to investors in the pool of funds, provided that (i) no amount shall be received by the participating professional investor upon sale or other disposition of qualified investments in the enterprises until recovery by the Authority of its investment and upon liquidation or withdrawal of the Authority from the pool of funds, the participating professional investor shall be obligated to refund any amount received by it from such percentage if necessary to allow the HB5452 Engrossed - 4 - LRB097 19625 PJG 64879 b Authority to recover its investment or (ii) the terms of payment of cash and other property to the Authority are no less favorable to the Authority than payments to other seed capital investors or professional investors (other than the professional investor) who are parties to the agreement or contract;
The Authority and participating professional investors and seed capital investors shall share ratably in the profits earned in any form on the co-venture investment, but the Authority may, at its discretion, agree to pay to a participating professional investor a percentage, not to exceed 40% (computed on an annual basis), of cash and other property payable to the Authority as its pro-rata share of distributions to investors in the pool of funds, provided that (i) no amount shall be received by the participating professional investor upon sale or other disposition of qualified investments in the enterprises until recovery by the Authority of its investment and upon liquidation or withdrawal of the Authority from the pool of funds, the participating professional investor shall be obligated to refund any amount received by it from such percentage if necessary to allow the HB5452 Enrolled - 4 - LRB097 19625 PJG 64879 b Authority to recover its investment or (ii) the terms of payment of cash and other property to the Authority are no less favorable to the Authority than payments to other seed capital investors or professional investors (other than the professional investor) who are parties to the agreement or contract;
(f) To make the investments of any funds held in reserves HB5452 Engrossed - 5 - LRB097 19625 PJG 64879 b or sinking funds, or any funds not required for immediate disbursement, as may be lawful investments for fiduciaries in the State;
(f) To make the investments of any funds held in reserves HB5452 Enrolled - 5 - LRB097 19625 PJG 64879 b or sinking funds, or any funds not required for immediate disbursement, as may be lawful investments for fiduciaries in the State;
1-1-04.) (20 ILCS 3501/840-20) HB5452 Engrossed - 6 - LRB097 19625 PJG 64879 b Sec.
1-1-04.) (20 ILCS 3501/840-20) HB5452 Enrolled - 6 - LRB097 19625 PJG 64879 b Sec.
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