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House Journal: Page 1834: Wednesday, April 28, 1999

11   unethical practices as the department may define by

12   rule pursuant to chapter 17A."
13     4.  Page 5, by inserting after line 5 the
14   following:
15     "4.  The department shall adopt rules pursuant to
16   chapter 17A relating to procedures for defining
17   conflicts of interests."
18     5.  Page 6, line 15, by inserting after the figure
19   "15E.208." the following:  "A certified capital
20   company, together with its affiliates, shall not file
21   applications on behalf of its certified investors to
22   make certified capital investments in excess of the
23   maximum amount of investments that may be certified
24   under this subsection."
25     6.  By striking page 6, line 35, through page 7,
26   line 1, and inserting the following:
27     "3.  An insurance company, group of insurance
28   companies, affiliate of an insurance company, or group
29   of such affiliates shall not beneficially own,
30   directly or indirectly, whether through rights,
31   options, convertible interests or otherwise, ten
32   percent".
33     7.  Page 7, line 5, by striking the words "a
34   certified investor" and inserting the following:  "any
35   such person".
36     8.  Page 7, lines 8 and 9, by striking the words
37   "the certified investor" and inserting the following:
38   "such person".
39     9.  Page 7, line 25, by inserting after the word
40   "if" the following:  "the business is in need of
41   venture capital and is unable to obtain sufficient
42   conventional financing, as defined by the department,
43   and if".
44     10.  Page 7, by striking lines 31 through 33.
45     11.  Page 8, line 34, by inserting after the word
46   and figure "subsection 1," the following:  "paragraphs
47   "a" through "j",".
48     12.  Page 10, by inserting after line 23 the
49   following:
50     "f.  As an alternative to a qualified business
Page 2  
 1   making the agreements set forth in paragraphs "c",
 2   "d", and "e", a certified capital company making the
 3   investment may agree that if, during the period in
 4   which its investment in such qualified business is
 5   outstanding or within three months after the
 6   termination or repayment of such investment, the
 7   qualified business relocates its headquarters outside
 8   of this state or fails to continue to satisfy the
 9   conditions set forth in paragraph "d" or "e", then the

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