Section 0500-08-01-.05 - CERTIFICATES OF OWNERSHIP(1) After the delivery of Qualified Investment Funds to a Qualified Business, the TNInvestco shall submit to ECD each original certificate of ownership (e.g., stock, membership, or note) issued pursuant to the Qualified Investment within thirty (30) Days after the date of delivery of the certificate of ownership to the TNInvestco. In the event no certificate of ownership is issued by the Qualified Business, within thirty (30) Days after the delivery of the Qualified Investment Funds to the Qualified Business the TNInvestco shall provide written notification to the State that no certificate of ownership is available.(2) In the event of noncompliance with this rule, a penalty of $1,000 per Day shall be assessed until the noncompliance is cured.Tenn. Comp. R. & Regs. 0500-08-01-.05
New rule filed September 4, 2015; effective 12/3/2015.Authority: T.C.A. §§ 4-28-106 and 4-28-111(d).