[Introduced] [Committee Substitute] [Passed House] [Sent to Governor]
History of Actions | Background | Title |
Description: Magnolia Capital Corp. and Magnolia Venture Capital Corp.; revise boards of directors, powers and other provisions.
| 1 | 01/19/98 | (H) | Referred To Ways and Means | |
| 2 | 02/03/98 | (H) | Title Suff Do Pass Comm Sub | |
| 3 | 02/11/98 | (H) | Committee Substitute Adopted | |
| 4 | 02/11/98 | (H) | Amended | |
| 5 | 02/11/98 | (H) | Passed As Amended | |
| 6 | 02/16/98 | (H) | Transmitted To Senate | |
| 7 | 02/19/98 | (S) | Referred To Economic Dev, Tourism and Parks | |
| 8 | 02/24/98 | (S) | Title Suff Do Pass As Amended | |
| 9 | 03/04/98 | (S) | Amended | |
| 10 | 03/04/98 | (S) | Passed As Amended | |
| 11 | 03/05/98 | (S) | Returned For Concurrence | |
| 12 | 03/11/98 | (H) | Decline to Concur/Invite Conf | |
| 13 | 03/20/98 | (H) | Conferees Named Williams,Reeves,Simpson | |
| 14 | 03/24/98 | (S) | Conferees Named Horhn,Ross,Dearing | |
| 15 | 03/30/98 | (H) | Conference Report Filed | |
| 16 | 03/30/98 | (S) | Conference Report Filed | |
| 17 | 03/31/98 | (H) | Conference Report Adopted | |
| 18 | 03/31/98 | (S) | Conference Report Failed | |
| 19 | 03/31/98 | (S) | Motion to Reconsider Entered | |
| 20 | 03/31/98 | (S) | Reconsidered | |
| 21 | 03/31/98 | (S) | Conference Report Adopted | |
| 22 | 04/02/98 | (H) | Enrolled Bill Signed | |
| 23 | 04/03/98 | (S) | Enrolled Bill Signed | |
| 24 | 04/03/98 | Due From Governor 04/21/98 | ||
| 25 | 04/17/98 | Approved by Governor |
| Effective date | Passage | |
| Disposition | Law | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | Yes | |
| Chapter number | 563 |
House Committee:
Senate Committee:
Principal Author: Reeves
Code Sections: A 057-0077-0003, A 057-0077-0005, A 057-0077-0009, A 057-0077-0011, A 057-0077-0017, A 057-0077-0021, A 057-0077-0023, A 057-0077-0025, A 057-0077-0029, A 057-0077-0035
Title: AN ACT TO CREATE SECTION 57-77-2, MISSISSIPPI CODE OF 1972, TO EXPRESS LEGISLATIVE FINDINGS REGARDING THE VENTURE CAPITAL ACT OF 1994; TO AMEND SECTIONS 57-77-3, 57-77-5, 57-77-9, 57-77-11, 57-77-17, 57-77-21, 57-77-23, 57-77-25, 57-77-29 AND 57-77-35, MISSISSIPPI CODE OF 1972, TO PROVIDE AND CLARIFY THAT THE MAGNOLIA CAPITAL CORPORATION, THE MAGNOLIA VENTURE CAPITAL CORPORATION AND THE MAGNOLIA VENTURE CAPITAL FUND LIMITED PARTNERSHIP ARE INSTRUMENTALITIES OF THE STATE OF MISSISSIPPI AND THAT THE FUNDS OF SUCH ENTITIES ARE PUBLIC FUNDS; TO AMEND THE CORPORATE CHARTERS OF THE MAGNOLIA CAPITAL CORPORATION AND THE MAGNOLIA VENTURE CAPITAL CORPORATION; TO PROVIDE THAT UNLESS OTHERWISE PROVIDED IN THE VENTURE CAPITAL ACT OF 1994, ACTIONS TAKEN BY THE STATE OF MISSISSIPPI OR THE MISSISSIPPI DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT UNDER SUCH ACT SHALL NOT BE CONSTRUED TO WAIVE THE SOVEREIGN IMMUNITY OF THE STATE OR DEPARTMENT PURSUANT TO EITHER STATE LAW OR THE ELEVENTH AMENDMENT TO THE UNITED STATES CONSTITUTION; TO DEFINE THE TERM "APPOINTING AUTHORITY" FOR PURPOSES OF THE VENTURE CAPITAL ACT; TO REVISE THE COMPOSITION OF THE BOARD OF DIRECTORS OF THE MAGNOLIA CAPITAL CORPORATION AND TO REVISE THE TERMS OF SUCH BOARD OF DIRECTORS; TO PROVIDE THAT AS SOON AS LEGALLY POSSIBLE AFTER THE EFFECTIVE DATE OF THIS ACT THE MAGNOLIA CAPITAL CORPORATION SHALL DIRECT THE BOARD OF DIRECTORS OF THE MAGNOLIA VENTURE CAPITAL CORPORATION TO DISSOLVE THE MAGNOLIA VENTURE CAPITAL CORPORATION; TO REVISE THE COMPOSITION OF THE BOARD OF DIRECTORS OF THE MAGNOLIA VENTURE CAPITAL CORPORATION AND TO REVISE THE TERMS OF SUCH BOARD OF DIRECTORS; TO PROVIDE THAT THE BOARD OF DIRECTORS OF THE MAGNOLIA VENTURE CAPITAL CORPORATION SHALL RECEIVE NO COMPENSATION FOR THEIR SERVICES OTHER THAN PER DIEM AND REIMBURSEMENT FOR ACTUAL AND NECESSARY EXPENSES INCURRED IN THE PERFORMANCE OF THEIR DUTIES; TO PROVIDE AND CLARIFY THAT THE MISSISSIPPI VENTURE CAPITAL CORPORATION AND/OR THE MISSISSIPPI VENTURE CAPITAL FUND LIMITED PARTNERSHIP SHALL ALWAYS MAINTAIN PRIVATE CAPITAL INVESTMENTS TOTALING AT LEAST $4,500,000.00; TO REVISE HOW OFTEN THE MAGNOLIA CAPITAL CORPORATION MUST SUBMIT CERTAIN REPORTS REGARDING THE VENTURE CAPITAL LOAN PROGRAM TO THE MISSISSIPPI DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT; TO PROVIDE THAT CERTAIN PROPOSED ACTIONS BY THE MAGNOLIA CAPITAL CORPORATION AND THE MAGNOLIA VENTURE CAPITAL CORPORATION ARE NOT VALID UNLESS TAKEN BY VALIDLY APPOINTED BOARDS OF DIRECTORS; TO PROVIDE FOR THE DISPOSITION OF CERTAIN FUNDS IF THE MAGNOLIA VENTURE CAPITAL CORPORATION IS DISSOLVED; TO PROVIDE THAT NO FUNDS IN THE MAGNOLIA VENTURE CAPITAL FUND MAY BE USED TO PROVIDE FINANCING FOR ANY BUSINESS IN WHICH A DIRECTOR OR AN EMPLOYEE OF THE MAGNOLIA CAPITAL CORPORATION OR THE MAGNOLIA VENTURE CAPITAL CORPORATION HAS A DIRECT OR INDIRECT INTEREST; TO PROVIDE THAT NOTHING IN THIS ACT SHALL BE CONSTRUED TO RELIEVE ANYONE FROM CIVIL OR CRIMINAL LIABILITY; AND FOR RELATED PURPOSES.
End Of Document
1998/History/HB\HB1240.htm