90-8-303. Conflict of interest.
90-8-303. Conflict of interest. (1) A capital company may not invest in any business venture in which the combined ownership of the business venture for all investors in the capital company exceeds 49% at the time of the investment decision.
(2) A member of the investment committee of a Montana capital company or of a Montana small business investment capital company who has an interest in a venture that comes before the committee for a vote shall disclose the interest and abstain from voting on investment in the venture.
(3) Notwithstanding subsections (1) and (2), a company that has been licensed as a small business investment company pursuant to Title III of the Small Business Investment Act of 1958 may not make an investment that is prohibited by that act or subsequent regulations.
History: En. Sec. 10, Ch. 554, L. 1983; amd. Sec. 18, Ch. 554, L. 1983; amd. Sec. 7, Ch. 124, L. 1987; amd. Sec. 11, Ch. 263, L. 1991; amd. Sec. 7, Ch. 576, L. 1991; amd. Sec. 10, Ch. 410, L. 1999.