For the purposes of the Venture Capital Investment Act, "New Mexico business" means a corporation that throughout the testing period meets these conditions:
A. the corporation has its commercial domicile in New Mexico and all of its corporate directors who are also employees of the corporation are full-time residents of New Mexico;
B. at least two-thirds of all of the corporation's employees, at least two-thirds of its employees who perform research, development or design activities and at least two-thirds of its employees who perform manufacturing activities are full-time residents of New Mexico;
C. the corporation maintains an employee stock purchase plan, incentive stock option plan or similar plan pursuant to which employees of the corporation have the opportunity to acquire equity ownership in the corporation; and
D. the corporation employs on a full-time basis an average of at least fifty full-time New Mexico residents.
History: Laws 1993, ch. 313, § 7; 1995, ch. 89, § 6.
ANNOTATIONSThe 1995 amendment, effective June 16, 1995, rewrote the section heading which read "New Mexico business requirement" and rewrote the introductory paragraph which read "A corporation meets the requirements pursuant to Paragraph (3) of Subsection A of Section 4 of the Venture Capital Investment Act if throughout the testing period".