| | | 5. Liquidation and dissolution. In the event of liquidation | | or dissolution of the foundation or the fund, any rights or | | interests in a qualified security or portion of a qualified | | security purchased with money invested by the State vest in the | | State. The State is entitled to, in proportion to the amount of | | investment in the fund by the State, any balance of money | | remaining in the fund after payment of all debts and obligations | | upon liquidation or dissolution of the foundation or the fund. |
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| | | Sec. M-2. Transition. The Maine Technology Institute established in | | this Act is the successor to the Maine Technical Investment Fund | | with respect to direct investment activities. The following | | provisions apply to the transfer of direct investment activities | | from the Maine Technology Investment Fund to the Maine Technology | | Institute. |
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| | | 1. The Maine Technology Investment Fund shall cease making | | direct investments in companies on the effective date of this | | Act. |
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| | | 2. Direct investments in companies made by the Maine | | Technology Investment Fund prior to the effective date of this | | Act will continue to be managed by the Maine Science and | | Technology Foundation until June 30, 2000, at which time the | | management of the investments must be assumed by the Maine | | Technology Institute and the following transfers must occur. |
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| | | A. All responsibilities, power and authority relating to | | direct investment activities vested in the Maine Technology | | Investment Fund on June 30, 2000 are transferred to the | | Maine Technology Institute. |
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| | | B. All rules, procedures and guidelines in effect, in | | operation or adopted on June 30, 2000 by the Maine | | Technology Investment Fund regarding direct investment | | activities remain in effect until rescinded, revised or | | amended by the Maine Technology Institute. |
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| | | C. All contracts, agreements and compacts regarding direct | | investments in effect on June 30, 2000 involving the Maine | | Technology Investment Fund remain in effect until rescinded, | | revised or amended by the Maine Technology Institute. |
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| | | D. All records, property, equipment, contracts, compacts, | | data and agreements allocated for the use of the Maine | | Technology Investment Fund necessary for performing the | | direct investment activities are transferred to the Maine | | Technology Institute. |
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