- A. The secretary-treasurer and one of the following: president of the corporation, chairman, or executive director shall execute all necessary legal instruments at the closing after certification by counsel that all legal requirements have been met.
- B. In the case that the co-investment is to be disbursed in a phased funding, the monies provided by the corporation shall be placed in an escrow account to be disbursed at the joint written request of both the venture capital fund co-investor and the project firm at the same rate of disbursement as that of the co-investor venture capital firm. The secretary-treasurer shall have the authority to release the funds from escrow.
Authority Note
AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2331.
Historical Note
HISTORICAL NOTE: Promulgated by the Department of Economic Development, Economic Development Corporation, LR 15:462 (June 1989).