Ch. 222 LAWS OF MARYLAND

INVESTMENT EARNINGS THE TRUST IS REQUIRED TO PAY THE
PARTICIPATING INVESTORS; AND

(7) DO ALL THINGS NECESSARY AND LAWFUL TO CARRY OUT
THE POWERS EXPRESSLY GRANTED TO THE TRUST BY THIS SUBTITLE.

(B) THE TRUST MAY NOT HOLD OR ACCEPT FROM ANY SINGLE
INVESTOR A TOTAL PRINCIPAL INVESTMENT A CUMULATIVE TOTAL IN
PRINCIPAL INVESTMENTS IN EXCESS OF $5,000,000.

(C] THE TRUST MAY NOT ACCEPT MORE THAN A CUMULATIVE
INVESTMENT OF $15 MILLION FROM THE MARYLAND STATE
RETIREMENT AND PENSION SYSTEMS.

5-1A-06.

(A) THE TRUSTEES SHALL GIVE PREFERENCE TO VENTURE
CAPITAL FUND PROPOSALS THAT:

(1) PROVIDE FINANCING PREDOMINANTLY TO BUSINESS
ENTERPRISES THAT CONDUCT A SUBSTANTIAL AMOUNT OF BUSINESS IN
THE STATE;

(2) REQUIRE VENTURE CAPITAL FUNDS TO MATCH THE
MONEY INVESTED BY THE TRUST WITH MONEY INVESTED BY PRIVATE
INVESTORS ON AT LEAST A 1 TO 3 RATIO; AND

(3) ENSURE THAT A SIGNIFICANT SHARE MAJORITY OF THE
MONEY INVESTED BY THE TRUST BE FOR SEED CAPITAL FINANCING IN
MARYLAND.

(B) SEED CAPITAL INVESTMENTS SHALL NOT EXCEED MORE THAN
$1 MILLION FOR ANY ONE BUSINESS.

5-1A-07.

(A) THE BOOKS AND RECORDS OF THE TRUST SHALL BE SUBJECT
TO AUDIT BY THE STATE AT ITS DISCRETION AND ANNUALLY BY AN
INDEPENDENT AUDITOR APPROVED BY THE STATE, AT THE EXPENSE OF
THE TRUST.

(B) (1) THE TRUST SHALL REPORT TO THE GOVERNOR AND,
SUBJECT TO § 2-1312 OF THE STATE GOVERNMENT ARTICLE, TO THE
GENERAL ASSEMBLY, WITHIN THE FIRST 90 DAYS OF EACH FISCAL YEAR.

(2) THE REPORT SHALL SET FORTH THE COMPLETE
OPERATING AND FINANCIAL STATEMENT COVERING THE TRUST'S
OPERATIONS AND SUMMARIZE THE TRUST'S ACTIVITIES DURING THE
PRECEDING FISCAL YEAR.

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