Section 620.653 Corporation to approve one qualified fund — transfer of powers — corporation to approve professional fund manager for the qualified fund it approves.

MO Rev Stat § 620.653 (2019) (N/A)

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Effective 28 Aug 2011

620.653. Corporation to approve one qualified fund — transfer of powers — corporation to approve professional fund manager for the qualified fund it approves. — The provisions of sections 620.635 to 620.650 to the contrary notwithstanding, one qualified fund shall be approved by the corporation as soon as practicable after July 8, 1999. Such fund need not be initially incorporated into the seed capital and commercialization strategy until after the appointment of the board. After the appointment of the board, all powers exercised by the corporation in relation to that fund shall be transferred to the board. After the dissolution of the board, all powers exercised by the board shall be transferred to the corporation. The corporation shall approve the professional fund manager employed by the qualified fund established by this section.

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(L. 1999 S.B. 518 § 7, A.L. 2011 H.B. 464)

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Section 620.650 Purpose of qualified funds — tax credit for qualified contribution to qualified fund, amount, application, restrictions — tax on qualified funds uninvested capital, amount, distributions deemed made at end of tax year.

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