The legislature finds that the health of the New Mexico economy is heavily dependent on the establishment and expansion of small businesses and that the lack of available private equity is an impediment to the start-up and growth of businesses in the state. The legislature further finds that the commercialization of technology conceived in the universities and the federal scientific and engineering laboratories and test facilities in the state is likely to occur elsewhere unless sources of local private equity are developed. The purpose of Section 7-27-5.15 NMSA 1978 is to provide a mechanism whereby the establishment of private equity funds, whose investment policies are supportive of the economic welfare of New Mexico, will be stimulated.
History: 1978 Comp., § 7-27-5.14, enacted by Laws 1990, ch. 126, § 4; 2001, ch. 252, § 9; 2016, ch. 48, § 1.
ANNOTATIONSThe 2016 amendment, effective May 18, 2016, after "whereby the establishment of", deleted "locally managed".
The 2001 amendment, effective June 15, 2001, substituted "private equity" for "venture capital" throughout the section; and substituted "Section 7-27-5.15 NMSA 1978" for "this act".