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<section article="gec" article_name="Economic Development" number="10-4A-17" title_number="10" title_name="Statewide Development Resources and Revenue Authorities" subtitle_number="4A" subtitle_name="Invest Maryland Program">
  <level label="a">
    <level label="1">
      <text>A business that is classified as a qualified business at the time of the first investment in the business by a venture firm, the Enterprise Fund, or the Financing Authority remains classified as a qualified business and may receive follow–on investments from a venture firm, the Enterprise Fund, or the Financing Authority as provided under this subsection.</text>
    </level>
    <level label="2">
      <text>A follow–on investment from a venture firm is a qualified investment even though the business does not meet the definition of a qualified business at the time of the follow–on investment.</text>
    </level>
    <level label="3">
      <text>With respect to an investment by the Enterprise Fund or the Financing Authority, a follow–on investment does not qualify as a qualified investment if, at the time of the follow–on investment, the business no longer meets the definition of a qualified business.</text>
    </level>
  </level>
  <level label="b">
    <text>Each venture firm shall inform the Corporation in writing when the venture firm requires designated capital for investment or for the payment of approved fees and expenses.</text>
  </level>
</section>
