§ 15-5-1606 - Private sector advisory committee.
15-5-1606. Private sector advisory committee.
(a) The trustees of the Venture Capital Investment Trust shall appoint a private sector advisory committee, to consist of not less than five (5) nor more than nine (9) individuals from the private sector in Arkansas who have demonstrated personal or professional experience in assisting one (1) or more of the financing, growth, and development of very early stage and early stage technology-based businesses.
(b) (1) The private sector advisory committee shall serve for terms as determined by the trustees of the trust.
(2) Members of the private sector advisory committee may serve successive terms.
(3) Members of the private sector advisory committee may be reimbursed for actual expenses incurred in the performance of their duties as determined by the trustees of the trust.
(c) The trustees of the trust in their discretion shall have the right to remove and replace the members of the private sector advisory committee.
(d) The trustees of the trust, in consultation with the private sector advisory committee and the review committee, shall develop guidelines for investments of Arkansas Risk Capital Matching Fund assets in technology-based enterprises consistent with the provisions of this subchapter.
(e) It shall not be a prohibited conflict of interest for a member of the private sector advisory committee to have a direct or indirect pecuniary interest in any technology-based enterprise applying for assistance from the Arkansas Risk Capitol Matching Fund so long as the member:
(1) Makes full disclosure of his or her interest before the consideration of the application by the private sector advisory committee;
(2) Does not vote on the application; and
(3) Excuses himself or herself from any deliberations of the private sector advisory committee regarding the application.