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<section article="gec" article_name="Economic Development" number="10-470" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4" subtitle_name="Maryland Technology Development Corporation">
  <level label="a">
    <text>The Corporation may require that all or part of a grant be repaid, with interest at a rate the Corporation sets, when conditions specified by the Corporation occur.</text>
  </level>
  <level label="b">
    <level label="1">
      <text>Whenever the Corporation is authorized by law to make a grant, the Corporation may use money appropriated for the grant to make an equity investment in a qualified business.</text>
    </level>
    <level label="2">
      <level label="i">
        <text>Except as provided in subparagraph (ii) of this paragraph and Subtitle 4A of this title, in making an equity investment under this subtitle or Subtitle 4A of this title, the Corporation may not acquire an ownership interest in an enterprise that exceeds 25%.</text>
      </level>
      <level label="ii">
        <text>In making an equity investment under this subtitle or Subtitle 4A of this title in one or more venture or private equity firms, the Corporation may acquire an ownership interest exceeding 25%.</text>
      </level>
    </level>
    <level label="3">
      <text>Within 15 years after making an equity investment under this subtitle or Subtitle 4A of this title, the Corporation, on review and approval of the Corporation’s investment committee, may divest itself of that investment or pursue another remedy that is in the Corporation’s best interest.</text>
    </level>
    <level label="4">
      <text>The liability of the State and the Corporation in making an equity investment under this subtitle or Subtitle 4A of this title is limited to the amount of that investment.</text>
    </level>
  </level>
</section>
