Mississippi § 57-77-5 - Definitions.

§ 57-77-5. Definitions.

The following words shall have the meaning ascribed herein unless the context clearly requires otherwise: “Fund” means the Magnolia Venture Capital Fund Limited Partnership, a limited partnership, established and operated as described in this chapter. “Corporation” means the Magnolia Capital Corporation. “Qualified investment” means a qualified interest, which interest is purchased solely for cash in an amount not less than Ten Thousand Dollars ($10,000.00) for individuals; and not less than Fifty Thousand Dollars ($50,000.00) for corporations. “General partner” means the Magnolia Venture Capital Corporation. “Qualified interest” means, in the case of the Magnolia Venture Capital Corporation, a general partnership interest in the fund and, in the case of all other persons, a limited partnership interest in the fund. “State tax liability” means a taxpayer’s total income tax liability that is incurred under the Mississippi Income Tax Law before applying the credits provided by Section 27-7-22.11. “Taxpayer” means any individual, corporation, partnership, trust or other entity that has any state tax liability and has made a qualified investment. “Venture capital” means investments in either common stock, preferred stock, or bonds convertible to either common or preferred stock, or options, warrants or rights to receive any of the foregoing, or any other similar investment in or loan to a Mississippi business. “Mississippi business” means a corporation, general partnership, limited partnership, joint venture, trust, proprietorship or any other similar entity or organization which is either established and operating, or will be established to operate, in Mississippi. “Start-up business” means a Mississippi business which is in the first thirty-six (36) months of providing goods or services in the ordinary course of business or a Mississippi business which qualified as a start-up business under this definition at the time it entered the venture capital fund portfolio. “Program” means the venture capital loan program established in this chapter. “Seller” means the State Bond Commission. “Department” means the Mississippi Department of Economic and Community Development. “General Fund” means the General Fund of the State of Mississippi. “Loan” means a loan by the department to Magnolia Capital Corporation in accordance with this chapter. “Appointing authority” means the Governor or the Lieutenant Governor, as appropriate, in appointing members to the board of directors of the Magnolia Venture Capital Corporation.