HR 2806 · 104th Congress · Commerce

Venture Capital Marketing Association Charter Act

Introduced 1995-12-18· Sponsored by Rep. Torkildsen, Peter G. [R-MA-6]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Subcommittee Hearings Held.(1996-04-18)

Plain Language Summary

[AI summary unavailable — showing source text] Venture Capital Marketing Association Charter Act - Amends the Small Business Investment Act of 1958 (the Act) to establish the Venture Capital Marketing Association (VCMA) as a private, tax-exempt corporation in the Washington, D.C., metropolitan area. Requires a permanent VCMA Board of Directors of 15 members. Outlines administrative provisions with respect to VCMA, including provisions regarding an interim Board, member terms, and general powers. Requires VCMA to have and issue voting and nonvoting common stock, as well as nonvoting preferred stock. Directs VCMA to require each small business investment company (SBIC) to make payments to VCMA of a specified percentage of its nonrefundable capital contributions, so that VCMA may accumulate funds for its capital surplus account (account). Requires VCMA to issue voting common stock to such SBICs in an amount equal to their contributions. Authorizes VCMA, in order to accumulate additional funds in the account, to issue voting common stock to private investors other than SBICs. Outlines rights of holders of nonvoting common and preferred stock. Authorizes depository institutions to make payments of capital contributions to VCMA and t…

Summarized by Claude AI · Non-partisan · For informational purposes only