The corporation may:
A. make equity investments in New Mexico businesses, provided that:
(1) the investments are made pursuant to cooperative agreements;
(2) an equity investment in any one business may not exceed ten percent of the fund; provided, however, that the restrictions of this paragraph shall not apply to equity investments in entities that are parties to cooperative agreements, but shall apply to investments made by such entities pursuant to cooperative agreements; and
(3) the investments represent no more than forty-nine percent of the total equity capital of a business; provided, however, that the restrictions of this paragraph shall not apply to equity investments in entities that are parties to cooperative agreements, but shall apply to investments made by such entities pursuant to cooperative agreements; or
B. make debt investments in New Mexico businesses, provided that:
(1) the investments are made pursuant to cooperative agreements; and
(2) a debt investment in any one business may not exceed ten percent of the fund; provided, however, that the restrictions of this paragraph shall not apply to debt investments in entities that are parties to cooperative agreements, but shall apply to debt investments made by such entities pursuant to cooperative agreements.
History: Laws 2003, ch. 399, § 9; 2004, ch. 57, § 3.
ANNOTATIONSThe 2004 amendment, effective May 19, 2004, amended Subsections A and B to delete from Paragraph (1) of each subsection the requirement that parties demonstrate abilities and relationships in providing financial resources to emerging businesses and to add to Paragraphs (2) and (3) of Subsection A and Paragraph (2) of Subsection B "provided, however, that the restrictions of this paragraph shall not apply to equity investments in entities that are parties to cooperative agreements, but shall apply to investments made by such entities pursuant to cooperative agreements".