West Virginia Code 5E-1-20 – Limitation on financial institutions
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Not more than forty-nine percent of the total capital base of any capital company which is not a small business investment company may be owned by banks, savings and loan associations, savings banks or other financial institutions, or any affiliate thereof, as investors. No officer, employee or director of any such financial institution may vote as a member of the board of any capital company formed under the provisions of this article if the matter being voted upon affects the financial institution for which the board member serves as an officer, employee or director.
Terms Used In West Virginia Code 5E-1-20
- Capital base: means equity capital or net worth. See West Virginia Code 5E-1-4
- Small business investment company: means a small business investment company licensed by the United States small business investment administration under the federal small business investment act of 1958, 15 U. See West Virginia Code 5E-1-4