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ND HB1078

Bill

Official Source

Status

Passed

3/27/2013

Primary Sponsor

Industry, Business and Labor Committee

Click for details

Origin

House of Representatives

63rd Legislative Assembly

AI Summary

  • Increases the investment cap for North Dakota alternative and venture capital investments from ten million dollars to fifteen million dollars
  • Authorizes the Bank of North Dakota to invest a maximum of two hundred thousand dollars per biennium in North Dakota-based venture capital entities that make investments in companies located outside North Dakota
  • Allows third-party management of invested funds if provided by the North Dakota development fund, incorporated, or a qualified in-state third party with demonstrated fund management experience
  • House passed 89-5; Senate passed 46-0 with 1 absent

Legislative Description

The investment of funds by the Bank of North Dakota.

Last Action

Signed by Governor 03/26

3/27/2013

Committee Referrals

Industry, Business, and Labor1/8/2013

Full Bill Text

No bill text available