To qualify as a certified capital company:
- (1) the applicant must have, at the time of application for certification, an equity capitalization of at least $500,000 in unencumbered cash or cash equivalents;
- (2) at least two principals or persons employed to manage the funds of the applicant must have at least four years of experience in the venture capital industry; and
- (3) the applicant must satisfy any additional requirement imposed by the comptroller by rule.
Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.