Tenn. Comp. R. & Regs. 0500-08-01-.07 - NOTICE FOLLOWING LIQUIDITY EVENT

(1) In the event of a Liquidity Event, each TNInvestco with an ownership interest shall:

(a) Provide written notice of the Liquidity Event to ECD within thirty (30) Days after the date of the Liquidity Event;

(b) Within thirty (30) Days after the date of the Liquidity Event, provide adequate documentation to ECD that details the transaction and any proceeds generated. Documentation is adequate if it provides all information necessary to determine the State's ownership interest in the proceeds of the Liquidity Event; and

(c) If the Liquidity Event results in ownership of a security, submit to ECD each original certificate of ownership (e.g., stock, membership, or note) issued pursuant to the Liquidity Event within thirty (30) Days after the date of delivery of the certificate to the TNInvestco.

(2) In the event of noncompliance with a subparagraph of this rule, a penalty of $1,000 per Day shall be assessed until the noncompliance is cured.

Notes

Tenn. Comp. R. & Regs. 0500-08-01-.07

New rule filed September 4, 2015; effective 12/3/2015.

Authority: T.C.A. §§ 4-28-108 and 4-28-111(d).