N.Y. Comp. Codes R. & Regs. tit. 21 § 4252.5

Current through Register Vol. 46, No. 25, June 18, 2024

Section 4252.5 - General requirements

(a) The corporation and each investment entity receiving program funds shall enter into one or more written agreements governing the corporation's investment, which may include a limited partnership agreement, that are consistent and in compliance with the act, including section 16-u thereof, this rule, and other applicable laws and regulations.

(b) The corporation shall distribute program funds promptly pursuant to a disbursement process agreed to between the corporation and the investment entity in order to enable the investment entity to fulfill its commitments to beneficiary companies in a timely manner.

(c) The commitment period for and investment entity to make investments with the program funds shall typically be three years or less.

(d) Returns on investments or interest accrued with respect to program funds received by an investment entity through the fund shall be returned to the corporation in accordance with the agreements entered into between the investment entities and the corporation.

N.Y. Comp. Codes R. & Regs. Tit. 21 § 4252.5