VETOES

13-239.

For the purposes of administering the Program, the Authority
may:

(1)  Provide equity participation financing for the
establishment and development of franchises AND THE ACQUISITION
OF EXISTING BUSINESSES by socially or economically disadvantaged
persons in the State;

(2)  Buy, hold, and sell qualified securities;

(3)  Prepare, publish, and distribute, with or without
charge as the Authority may determine, technical studies,
reports, and other materials it considers appropriate; and

(4)  Provide and pay for any advisory services and
technical assistance necessary or desirable to carry out the
purposes of the Program.

13-240.

(a)  Under the Program, the Authority may provide equity
participation financing, including the purchase of qualified
securities issued by a franchise OR BY AN ENTERPRISE ACQUIRING AN
EXISTING BUSINESS, only after the enterprise has submitted an
application that contains a business plan, including:

(1)  A description of the [franchisee] FRANCHISOR OR
EXISTING BUSINESS and its management, product, and market;

(2)  A statement of the amount, immediacy of need, and
projected use of the capital required;

(3)  A statement of the potential economic impact of
the purchase;

(4)  Information that relates to the satisfaction of
the applicant's requirements of § 13-231 of this subtitle; and

(5)  Any other information the Authority requires.

(b)  Under the Program, any equity participation financing
shall satisfy the following requirements:

(1) The Authority [shall not] MAY NOT:

(I) [own] OWN securities representing more than
45 percent of the voting stock of any franchisee or own an
interest greater than 45 percent in any franchise; OR

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