Liquidating trust investment company act


(a) This subchapter does not apply to:(1) a public retirement system as defined by Section 802.001;(2) state funds invested as authorized by Section 404.024;(3) an institution of higher education having total endowments of at least million in book value on May 1, 1995;(4) funds invested by the Veterans' Land Board as authorized by Chapter 161, 162, or 164, Natural Resources Code;(5) registry funds deposited with the county or district clerk under Chapter 117, Local Government Code; or(6) a deferred compensation plan that qualifies under either Section 401(k) or 457 of the Internal Revenue Code of 1986 (26 U. Section 1 et seq.), as amended.(b) This subchapter does not apply to an investment donated to an investing entity for a particular purpose or under terms of use specified by the donor. Client Alert December 10, 2013 On December 2, 2013, the SEC's Division of Investment Management issued a new "Guidance Update" that provides some important interpretive guidance on the exemption from registration under the Investment Advisers act of 1940 (the "Advisers Act") for certain venture capital fund advisers (the "VC Exemption").In particular, the Guidance Update clarifies that certain structures and practices common in the venture capital fund industry will not impact the availability of the VC Exemption.The firm's 1st co-mingled vehicle, the Asian Trade Finance Fund is an example of this unique strategy. STATE AND LOCAL CONTRACTS AND FUND MANAGEMENTCHAPTER 2256. AUTHORIZED INVESTMENTS FOR GOVERNMENTAL ENTITIESSec. (a) Each governing body of the following entities may purchase, sell, and invest its funds and funds under its control in investments authorized under this subchapter in compliance with investment policies approved by the governing body and according to the standard of care prescribed by Section 2256.006:(1) a local government;(2) a state agency;(3) a nonprofit corporation acting on behalf of a local government or a state agency; or(4) an investment pool acting on behalf of two or more local governments, state agencies, or a combination of those entities.(b) In the exercise of its powers under Subsection (a), the governing body of an investing entity may contract with an investment management firm registered under the Investment Advisers Act of 1940 (15 U. A contract made under authority of this subsection may not be for a term longer than two years.

A company, abbreviated co., is a legal entity made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise.In English law and in legal jurisdictions based upon it, a company is a body corporate or corporation company registered under the Companies Acts or similar legislation. In legal parlance, the owners of a company are normally referred to as the "members".In a company limited or unlimited by shares (formed or incorporated with a share capital), this will be the shareholders.Because companies are legal persons, they also may associate and register themselves as companies – often known as a corporate group.When the company closes it may need a "death certificate" to avoid further legal obligations.By way of background, the VC Exemption exempts from registration under the Advisers Act investment advisers whose business is limited to advising one or more venture capital funds ("VC Advisers").[1] To qualify as a "venture capital fund" for this purpose, Advisers Act Rule 203(l)-1 provides that a fund must be a private fund[2] that, among other things, holds not more than 20% of its aggregate called capital contributions and uncalled capital commitments (excluding cash and cash equivalents) in non-qualifying investments (the "Qualifying Investment Requirement").[3] A "qualifying investment" is generally defined as an equity security acquired a company that is not itself an investment company or private fund) that is not publicly traded in the U. Section 80b-1 et seq.) or, if not subject to registration under that Act, registered with the State Securities Board, a person who is an officer or principal of the investment management firm.(11) "School district" means a public school district.(12) "Separately invested asset" means an account or fund of a state agency or local government that is not invested in a pooled fund group.(13) "State agency" means an office, department, commission, board, or other agency that is part of any branch of state government, an institution of higher education, and any nonprofit corporation acting on behalf of any of those entities. A renewal or extension of the contract must be made by the governing body of the investing entity by order, ordinance, or resolution.(c) This chapter does not prohibit an investing entity or investment officer from using the entity's employees or the services of a contractor of the entity to aid the investment officer in the execution of the officer's duties under this chapter. S or elsewhere (nor a control affiliate of a company that is publicly traded).[4]The Guidance Update focuses on various scenarios in which compliance with the Qualifying Investment Requirement could be called into question under a literal reading of Rule 203(l)-1.In particular:* * *A complete copy of the Guidance Update can be found on the SEC's Website at

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