15E.42 - DEFINITIONS.
15E.42 DEFINITIONS.
For purposes of this division, unless the context otherwise
requires:
1. "Affiliate" means a spouse, child, or sibling of an
investor or a corporation, partnership, or trust in which an investor
has a controlling equity interest or in which an investor exercises
management control.
2. "Board" means the Iowa capital investment board created in
section 15E.63.
3. "Investor" means a person making a cash investment in a
qualifying business or in a community-based seed capital fund.
"Investor" does not include a person that holds at least a
seventy percent ownership interest as an owner, member, or
shareholder in a qualifying business.
4. "Near equity" means debt that may be converted to equity
at the option of the debt holder, and royalty agreements.
5. "Qualifying business" means a business meeting the
criteria defined in section 15E.44. Section History: Recent Form
2002 Acts, ch 1006, §2, 13; 2002 Acts, ch 1175, §75; 2003 Acts, ch
108, §8; 2003 Acts, ch 179, §95, 159; 2004 Acts, ch 1148, §1, 7