620.653. Corporation to approve one qualified fund--transfer of powers of corporation to board, when--corporation to approve professional fund manager for the qualified fund it approves.
Corporation to approve one qualified fund--transfer of powers ofcorporation to board, when--corporation to approve professional fundmanager for the qualified fund it approves.
620.653. The provisions of sections 620.635 to 620.650 to thecontrary notwithstanding, one qualified fund shall be approved by thecorporation as soon as practicable after July 8, 1999. Such fund need notbe initially incorporated into the seed capital and commercializationstrategy until after the appointment of the board. After the appointmentof the board, all powers exercised by the corporation in relation to thatfund shall be transferred to the board. The corporation shall approve theprofessional fund manager employed by the qualified fund established bythis section.
(L. 1999 S.B. 518 § 7)Effective 7-8-99