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Session Laws, 2007
Volume 803, Page 3941   View pdf image
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Martin O'Malley, Governor Ch. 621
(VI) 1. ALL SECURITIES THAT CONSTITUTE OWNERSHIP OR CONTROL OF A CORPORATION FOR PURPOSES OF ESTABLISHING IT AS A
MINORITY BUSINESS ENTERPRISE UNDER THIS SECTION SHALL BE HELD
DIRECTLY BY MINORITIES. 2. SECURITIES HELD IN TRUST, OR BY ANY
GUARDIAN FOR A MINOR, MAY NOT BE CONSIDERED AS HELD BY MINORITIES IN
DETERMINING THE OWNERSHIP OR CONTROL OF A CORPORATION. (VII) 1. THE CONTRIBUTIONS OF CAPITAL OR EXPERTISE
BY THE MINORITY OWNERS TO ACQUIRE THEIR INTERESTS IN THE BUSINESS
SHALL BE REAL AND SUBSTANTIAL. 2. INSUFFICIENT CONTRIBUTIONS INCLUDE: A. A PROMISE TO CONTRIBUTE CAPITAL; B. A NOTE PAYABLE TO THE BUSINESS OR ITS
OWNERS WHO ARE NOT SOCIALLY AND ECONOMICALLY DISADVANTAGED; AND C. THE MERE PARTICIPATION AS AN EMPLOYEE,
RATHER THAN AS A MANAGER. (VIII) THE CERTIFYING AGENCY SHALL GIVE SPECIAL
CONSIDERATION TO THE FOLLOWING ADDITIONAL CIRCUMSTANCES IN
DETERMINING ELIGIBILITY: 1. NEWLY FORMED BUSINESSES AND BUSINESSES WHOSE OWNERSHIP OR CONTROL HAS CHANGED SINCE THE DATE OF THE
ADVERTISEMENT OF THE CONTRACT SHALL BE CLOSELY SCRUTINIZED TO
DETERMINE THE REASONS FOR THE TIMING OF THE FORMATION OF OR CHANGE
IN THE BUSINESSES; 2. A PREVIOUS OR CONTINUING
EMPLOYER-EMPLOYEE RELATIONSHIP BETWEEN OR AMONG PRESENT OWNERS
SHALL BE CAREFULLY REVIEWED TO ENSURE THAT THE EMPLOYEE-OWNER HAS
MANAGEMENT RESPONSIBILITIES AND CAPABILITIES DISCUSSED IN THIS
SECTION; AND 3. ANY RELATIONSHIP BETWEEN A MINORITY
BUSINESS ENTERPRISE AND A BUSINESS THAT IS NOT A MINORITY BUSINESS
ENTERPRISE THAT HAS AN INTEREST IN THE MINORITY BUSINESS ENTERPRISE
SHALL BE CAREFULLY REVIEWED TO DETERMINE IF THE INTEREST OF THE
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Session Laws, 2007
Volume 803, Page 3941   View pdf image
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