Section 0500-08-01-.08 - RETURN OF PROCEEDS FOLLOWING LIQUIDITY EVENT(1) In the event of a Liquidity Event, each TNInvestco with an ownership interest shall return to the State one hundred percent (100%) of the proceeds of the Liquidity Event within thirty (30) Days after the date of delivery of the proceeds to the TNInvestco.(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-.08
New rule filed September 4, 2015; effective 12/3/2015.Authority: T.C.A. §§ 4-28-108 and 4-28-111(d).