Maryland Statutes
Part II - Designated Capital
Section 10-4A-09 - General Provisions

(a)    All designated capital from purchasers shall be deposited into the Enterprise Fund to be invested as provided in this subtitle.
    (b)    The Corporation shall allocate designated capital as follows:
        (1)    67% to one or more venture firms to fund the making of qualified investments based on the criteria set forth in this subtitle, provided, that not more than 20% of this amount may be invested in the side car fund affiliates of the venture firms; and
        (2)    33% to the Enterprise Fund, to be allocated:
            (i)    $250,000 to the Rural Maryland Council for its operational expenses;
            (ii)    75% of the remaining amount to fund the making of qualified investments in qualified businesses under the existing policies and procedures of the Enterprise Fund; and
            (iii)    25% of the remaining amount to the Financing Authority Equity Participation Investment Program, to be invested in qualified businesses in accordance with the policies and procedures of the Financing Authority under Title 5, Subtitle 5, Part V of this article.
    (c)    It is the goal of the State that a portion of the designated capital received under subsection (b)(2)(ii) of this section be used to make qualified investments in qualified businesses located in rural areas of the State.
    (d)    As soon as practicable after the Corporation receives each installment of designated capital, the Corporation and each venture firm that has been allocated designated capital shall enter into a contract under which the allocated amount of designated capital will be transferred by the Corporation to the venture firm for investment as provided in this subtitle.
    (e)    The Corporation shall secure the commitment of the purchasers in accordance with § 10–4A–10 of this subtitle.