Amendment AA9-AB579

LRBa0867/1

PJK:cjs:jf

2001 - 2002 LEGISLATURE

ASSEMBLY AMENDMENT 9, TO 2001 ASSEMBLY BILL 579

October 30, 2001 - Offered by Representatives Grothman and Ziegelbauer.

AB579-AA9,1,1 At the locations indicated, amend the bill as follows:

AB579-AA9,1,3 1. Page 1, line 5: after "limitations," insert "certified capital company net worth,".

AB579-AA9,1,4 2. Page 3, line 1: before that line insert:

AB579-AA9,1,5 " Section 1c. 560.31 (2) (b) of the statutes is amended to read:

AB579-AA9,1,8 560.31 (2) (b) The At the time of application and on the date on which the person is certified, the person has a net worth, at the time of application, of at least $500,000 and has at least $500,000 in cash, cash equivalents , and marketable securities.".

AB579-AA9,1,9 3. Page 3, line 1: delete " Section 1" and substitute "Section 1m".

AB579-AA9,1,10 4. Page 3, line 17: after that line insert:

AB579-AA9,1,11 " Section 4m. 560.32 (4) of the statutes is created to read:

AB579-AA9,2,3 560.32 (4) Prohibition on returning initial investments. (a) Except as provided in par. (b), a person that is certified as a certified capital company under s. 560.31 may not return to investors investments that were made in the certified capital company prior to its certification for the purpose of enabling the person to meet the requirements under s. 560.31 (2) (b).

AB579-AA9,2,7 (b) Paragraph (a) does not apply to an investment made in a certified capital company prior to its certification if compliance with par. (a) would impair any provision of a contract between the certified capital company and the investor that was entered into before the effective date of this paragraph .... [revisor inserts date].".

AB579-AA9,2,8 (End)