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28-71-107. Limited investment in private venture capital projects authorized.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-71-107. Limited investment in private venture capital projects authorized.
(a) Unless prohibited by federal law or regulations promulgated thereunder, but notwithstanding any law or rule of this state to the contrary, fiduciaries and financial institutions may invest up to no more than two and one-half percent (2½%) of their funds eligible for investment, but not more than ten percent (10%) of their capital, including common capital stock, certified surplus, capital notes, and undivided profits, in Arkansas private venture capital projects without being in contravention of any prudent investor rule. This limitation is applicable only at the time of investment, and it shall not constitute a contravention of the prudent investor rule if investments in Arkansas private venture capital projects are in excess of this limitation by virtue of a reduction in the amount of funds eligible for investment.
(b) The primary state regulators of the fiduciaries making such investments under this section shall promulgate rules for the implementation of this section.
(c)(1) The prudent investor rule is embodied in several laws of this state pertaining to the investment of funds by financial institutions and fiduciaries, and the General Assembly has determined that the people of this state would benefit by the limited relaxation of the prudent investor rule to the extent that fiduciaries and financial institutions should be allowed to invest a small portion of their assets in private venture capital projects within this state.
(2) It is the intent of this section to allow fiduciaries and financial institutions to invest up to two and one-half percent (2½%) of their funds eligible for investment, but not more than ten percent (10%) of their capital, including common capital stoc
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-71-107
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:28-71-107
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4ea6db1aec4914a9733fc4e566d672e24e3a9b5adfc8ae1431ee777359abbd19
Source location: content.xml paragraph 12204
Stored source content
28-71-107. Limited investment in private venture capital projects authorized.
(a) Unless prohibited by federal law or regulations promulgated thereunder, but notwithstanding any law or rule of this state to the contrary, fiduciaries and financial institutions may invest up to no more than two and one-half percent (2½%) of their funds eligible for investment, but not more than ten percent (10%) of their capital, including common capital stock, certified surplus, capital notes, and undivided profits, in Arkansas private venture capital projects without being in contravention of any prudent investor rule. This limitation is applicable only at the time of investment, and it shall not constitute a contravention of the prudent investor rule if investments in Arkansas private venture capital projects are in excess of this limitation by virtue of a reduction in the amount of funds eligible for investment.
(b) The primary state regulators of the fiduciaries making such investments under this section shall promulgate rules for the implementation of this section.
(c)(1) The prudent investor rule is embodied in several laws of this state pertaining to the investment of funds by financial institutions and fiduciaries, and the General Assembly has determined that the people of this state would benefit by the limited relaxation of the prudent investor rule to the extent that fiduciaries and financial institutions should be allowed to invest a small portion of their assets in private venture capital projects within this state.
(2) It is the intent of this section to allow fiduciaries and financial institutions to invest up to two and one-half percent (2½%) of their funds eligible for investment, but not more than ten percent (10%) of their capital, including common capital stock, certified surplus, capital notes, and undivided profits, in Arkansas private venture capital projects without incurring liability for violation of the prudent investor rule.
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