Massachusetts General Laws ch. 40G sec. 5 – Operation; licensed small business investment corporation; establishment of subsidiary corporation
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Section 5. The MTDC is hereby specifically authorized to operate as a licensed small business investment corporation under the provisions of the Small Business Investment Act of 1958, Public Law 85–699, as amended from time to time, if it can qualify thereunder and if the board shall determine that such operation would reasonably serve to carry out the purposes of the MTDC. In the alternative, the board shall be authorized, in its discretion, to establish a subsidiary corporation to operate as a licensed small business investment corporation under said Act, and to make investments in qualified securities of enterprises through such subsidiary.
Terms Used In Massachusetts General Laws ch. 40G sec. 5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.