State Codes and Statutes
Statutes > Vermont > Title-10 > Chapter-28 > 673
§ 673. Approval of the Vermont small business investment company
(a) The Vermont small business investment board is created within the agency of commerce and community development, consisting of the secretary of commerce and community development, the state treasurer and the manager of the Vermont economic development authority.
(b) The board shall adopt such rules, in accordance with chapter 25 of Title 3, as are needed to carry out the purposes of this chapter. To the extent necessary to make a Vermont small business investment company eligible for licensure by the United States small business administration, such rules, and such requirements, terms, conditions or limitations imposed by the board under this chapter shall be consistent with the federal rules for small business investment companies adopted by the United States small business administration.
(c) The board may approve the formation of no more than one Vermont small business investment company eligible to issue state guaranteed obligations under section 674 of this title, in accordance with rules adopted under subsection 673(b) of this title. An applicant shall demonstrate that it meets all federal requirements for licensure as a small business investment company under rules adopted by the United States small business administration and that it meets any further requirements established by the board. Such further requirements shall include that the company be organized in this state for the purpose of increasing investments in or loans to Vermont small businesses, that one or more persons appointed by the Vermont small business investment board serve on the board of directors of the company, or otherwise participate in the management and conduct of the business of the company, on terms agreed to by the Vermont small business investment board, and that the Vermont small business investment board approve the articles of association of the company, and any amendments to such articles. Amendments to the company's articles of association not approved by the Vermont small business investment board shall be void. The members of the board of directors or the partners, as applicable, shall be of good character, as determined by the Vermont small business investment board.
(d) The attorney general may bring an action in Washington superior court to enforce the rules adopted by the board, and the requirements, terms, conditions or limitations imposed by the board under this chapter. The court may order specific performance of any such rule, requirement, term, condition or limitation, injunctive relief, restitution, costs, and attorneys' fees if the board prevails in any such action. (Added 1991, No. 61; amended 1991, No. 218 (Adj. Sess.), § 1, eff. May 27, 1992; 1993, No. 89, § 3(a), eff. June 15, 1993; 1995, No. 190 (Adj. Sess.), § 1(a), (b).)
