| HB 1629 - Commerce and trade; Seed- Capital Fund; revise provs |
First Reader Summary
A BILL to amend Title 10 of the Official Code of Georgia
Annotated, relating to commerce and trade, so as to revise
comprehensively the provisions regarding the Seed-Capital Fund;
to provide definitions; to create the Seed-Capital Fund; and for
other purposes.
| House |
Action |
Senate |
| 2/29/00 |
Read 1st Time |
3/8/00 |
| 3/1/00 |
Read 2nd Time |
3/15/00 |
| 3/3/00 |
Favorably Reported |
3/15/00 |
| 2/29/00 |
Recommitted |
3/9/00 |
| 3/8/00 |
Read 3rd Time |
3/16/00 |
| 3/8/00 |
Passed/Adopted |
3/16/00 |
| 4/11/00 |
Sent to Governor |
|
| 4/20/00 |
Signed by Governor |
|
| 656 |
Act/Veto Number |
|
| 4/20/00 |
Effective Date |
|
HB 1629 LC 18 0314ER
A BILL TO BE ENTITLED
AN ACT
1- 1 To amend Title 10 of the Official Code of Georgia Annotated,
1- 2 relating to commerce and trade, so as to revise
1- 3 comprehensively the provisions regarding the Seed-Capital
1- 4 Fund; to provide definitions; to create the Seed-Capital
1- 5 Fund; to authorize expenditures from the fund; to authorize
1- 6 the investing of funds with investment entities; to
1- 7 authorize the distribution of assets upon the winding up of
1- 8 an investment entity; to authorize the distribution of
1- 9 assets upon the winding up of an investment entity; to
1-10 provide for annual reports; to provide for related matters;
1-11 to provide an effective date; to repeal conflicting laws;
1-12 and for other purposes.
1-13 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1-14 SECTION 1.
1-15 Title 10 of the Official Code of Georgia Annotated, relating
1-16 to commerce and trade, is amended by striking in its
1-17 entirety Chapter 10, relating to the seed capital fund,
1-18 which reads as follows:
1-19 10-10-1.
1-20 As used in this chapter, the term:
1-21 (1) 'Board' means the Board of Regents of the University
1-22 System of Georgia.
1-23 (2) 'Center' means the Advanced Technology Development
1-24 Center described in Code Section 10-10-2.
1-25 (3) 'Enterprise' means a new corporation or partnership
1-26 less than five years old.
1-27 (4) 'Fund' means the Seed Capital Fund created in Code
1-28 Section 10-10-3.
1-29 (5) 'Incubator' means a facility which leases small
1-30 units of space to tenants and which maintains or
-1-
2- 1 provides access to business development services for use
2- 2 by the tenants or member firms.
2- 3 (6) 'Investment partnership' means a limited partnership
2- 4 in which the general partner or partners manage the
2- 5 funds contributed by the state as a limited partner and
2- 6 contributed by other limited and general partners, which
2- 7 funds shall be used to make investments in private
2- 8 enterprises as provided by this chapter.
2- 9 (7) 'Qualified security' means any note, stock, treasury
2-10 stock bond, debenture, evidence of indebtedness,
2-11 certificate of interest or participation in any
2-12 profit-sharing agreement, preorganization certificate or
2-13 subscription, transferable share, investment contract,
2-14 certificate of deposit for a security, certificate of
2-15 interest or participation in a patent or application
2-16 therefor or in royalty or other payments under such a
2-17 patent or application, or, in general, any interest or
2-18 instrument commonly known as a security or any
2-19 certificate for, receipt for, guarantee of, or option,
2-20 warrant, or right to subscribe to or purchase any of the
2-21 foregoing.
2-22 (8) 'Seed capital reserves' or 'reserves' means the
2-23 funds of an applicant or investment partnership
2-24 contributed by the state from the Seed Capital Fund and
2-25 contributed by private investors, which funds shall be
2-26 used by the investment partnership to make investments
2-27 in private enterprises as provided by this chapter.
2-28 10-10-2.
2-29 There is created the Seed Capital Fund to be managed by
2-30 the Advanced Technology Development Center which is
2-31 administratively attached to the board of regents.
2-32 10-10-3.
2-33 (a) The Seed Capital Fund is created as a separate fund in
2-34 the state treasury. The Advanced Technology Development
2-35 Center is authorized to recommend expenditures from the
2-36 Seed Capital Fund subject to the approval of the board of
2-37 regents. The fund shall be expended only as provided in
2-38 this chapter. All funds appropriated to or otherwise paid
2-39 into the fund shall be presumptively concluded to have
2-40 been committed to the purpose for which they have been
2-41 appropriated or paid and shall not lapse.
-2-
3- 1 (b) The fund shall consist of all moneys authorized by law
3- 2 for deposit in the fund including but not limited to
3- 3 gifts, grants, private donations, and funds by government
3- 4 entities authorized to provide funding for the purposes
3- 5 authorized for use of the fund and any payments or returns
3- 6 on investments made by the center.
3- 7 (c) In return for investments made from the fund, the
3- 8 State of Georgia will receive a limited partner position
3- 9 in the investment partnership with rights to income
3-10 accruing from profits from investments by the investment
3-11 partnership. Additional returns to the state will be
3-12 secured through the establishment and growth of innovative
3-13 enterprises which create new, value added products,
3-14 processes, and services and encourage growth and
3-15 diversification in the economy of the state.
3-16 (d) After recommending that a disbursement should be made
3-17 pursuant to this chapter and after approval of such
3-18 disbursement by the board, the center shall forward a
3-19 certified copy of the order granting the payment to the
3-20 Office of Treasury and Fiscal Services, which shall be
3-21 authorized to draw a warrant or warrants upon the fund to
3-22 pay the disbursement from such fund.
3-23 (e) The center, subject to the approval of the board of
3-24 regents, shall be authorized to contract and have
3-25 contracts and other legal documents prepared to carry out
3-26 the provisions of this chapter.
3-27 (f) The board of regents shall have the authority to issue
3-28 additional rules and regulations governing the management
3-29 and operation of the Seed Capital Fund as needed.
3-30 10-10-4.
3-31 The center may recommend use of the fund to make challenge
3-32 investments with eligible applicants which are investment
3-33 partnerships following receipt of an application
3-34 consistent with the criteria specified in this Code
3-35 section. Investment partnerships which are recipients of
3-36 state investments shall not expend any of the funds
3-37 awarded unless and until the center has assured itself
3-38 that the following conditions hold:
3-39 (1) Either:
3-40 (A) At least $3.00 of private investment has been
3-41 committed to the proposed seed capital reserves of the
3-42 applicant for every $1.00 of the challenge investment
-3-
4- 1 committed and at least $2 million of total investment,
4- 2 including the challenge investment, has been committed
4- 3 to the proposed seed capital reserves; or
4- 4 (B) At least $1.00 of private investment has been
4- 5 committed to the proposed seed capital reserves of the
4- 6 applicant for every $1.00 of the challenge investment
4- 7 committed; at least $1.5 million of total investment,
4- 8 including the challenge investment, has been committed
4- 9 to the seed capital reserves; and no investment is to
4-10 be made from the reserves in a new enterprise without
4-11 an equal or greater investment from private sources
4-12 other than the reserves in the same enterprise, such
4-13 that, in total, at least $3.00 of private investment
4-14 has been committed to an individual enterprise for
4-15 every $1.00 of challenge investment funds invested;
4-16 (2) Investments from the seed capital reserves will be
4-17 made exclusively in new enterprises located in the State
4-18 of Georgia, including, but not limited to, tenants of
4-19 incubators. For the purposes of this Code section, new
4-20 enterprises shall not include businesses of a mercantile
4-21 nature but shall be characterized as entrepreneurial
4-22 firms engaged in innovative work in the areas of
4-23 technology, manufacturing, marketing, agriculture, or
4-24 information related ventures which will increase the
4-25 state's share of domestic or international markets;
4-26 (3) Total investments in a new enterprise using funds
4-27 from seed capital reserves should ordinarily be no more
4-28 than $500,000.00. The investment partnership shall not
4-29 make investments in qualified securities issued by
4-30 enterprises in excess of the amount necessary to own
4-31 more than 49 percent of qualified securities in any one
4-32 enterprise at the time such securities are purchased by
4-33 the investment partnership, after giving effect to the
4-34 conversion of all outstanding convertible qualified
4-35 securities of the enterprise; provided, however, that,
4-36 in the event of severe financial difficulty of the
4-37 enterprise, threatening, in the judgment of the
4-38 investment partnership, the investment of the investment
4-39 partnership therein, a greater percentage of such
4-40 securities may be owned by the investment partnership;
4-41 (4) The investment partnership shall make authorized
4-42 investments in enterprises engaged in new product or
4-43 process innovations only after:
-4-
5- 1 (A) Receipt of an application from the enterprise
5- 2 which contains:
5- 3 (i) A business plan including pro forma financial
5- 4 statements and a description of the enterprise and
5- 5 its management, product, and market;
5- 6 (ii) A statement of the amount, timing, and
5- 7 projected use of the capital required;
5- 8 (iii) A statement of the potential economic impact
5- 9 of the enterprise, including the number, location,
5-10 and types of jobs expected to be created; and
5-11 (iv) Such other information as the center shall
5-12 request;
5-13 (5) Such approval of an investment may be made after the
5-14 investment partnership finds, based upon the application
5-15 submitted by the enterprise and such additional
5-16 investigation as the staff of the investment partnership
5-17 shall make and incorporate in its minutes, that:
5-18 (A) The proceeds of the investment or financial
5-19 assistance will be used only to cover the seed capital
5-20 needs of the enterprise except as authorized by
5-21 paragraph (3) of this Code section;
5-22 (B) The enterprise has a reasonable chance of success;
5-23 (C) The investment partnership's participation is
5-24 instrumental to the success of the enterprise and its
5-25 retention within the state;
5-26 (D) The enterprise has the reasonable potential to
5-27 enhance employment opportunities within the state;
5-28 (E) The entrepreneur and other founders of the
5-29 enterprise have already made or are contractually
5-30 committed to make a substantial financial or time
5-31 commitment to the enterprise;
5-32 (F) Any securities to be purchased are qualified
5-33 securities or private placement stock;
5-34 (G) There is a reasonable possibility that the
5-35 investment partnership will recoup at least its
5-36 initial investment or financial commitment; and
5-37 (H) Binding commitments have been made to the
5-38 investment partnership by the enterprise for adequate
5-39 reporting of financial data to the investment
-5-
6- 1 partnership, which shall include a requirement for an
6- 2 annual report or, if required by the center, an annual
6- 3 audit of the financial and operational records of the
6- 4 enterprise, and for such control on the part of the
6- 5 investment partnership as the center shall consider
6- 6 prudent over the management of the enterprise so as to
6- 7 protect the investment or financial commitment of the
6- 8 investment partnership, including in the discretion of
6- 9 the center and without limitation, right of access to
6-10 financial and other records of the enterprise and
6-11 membership or representation on the board of directors
6-12 of the enterprise;
6-13 (6) In making investments, including seed capital
6-14 investments, the investment partnership shall exercise
6-15 the judgment and care under the circumstances then
6-16 prevailing that persons of ordinary prudence,
6-17 discretion, and intelligence exercise in the management
6-18 of their own affairs, not in regard to speculation but
6-19 in regard to the permanent disposition of their funds,
6-20 considering the probable income as well as the probable
6-21 safety of the capital of the partnership seed capital
6-22 reserves. All investments of the seed capital reserves
6-23 shall be directly related to the creation, retention, or
6-24 expansion of employment opportunity and economic growth
6-25 in Georgia. In making seed capital investments, all
6-26 other material matters being equal, the investment
6-27 partnership shall invest in technological advances that
6-28 could be expected to result in the greatest increase in
6-29 employment opportunity and economic growth in Georgia;
6-30 and
6-31 (7) The returns on investments made by the investment
6-32 partnership which represent state funds shall be
6-33 reinvested in seed capital reserves of the investment
6-34 partnership or paid to the Seed Capital Fund as
6-35 determined by the center with the approval of the board.
6-36 10-10-5.
6-37 Upon liquidation of any investment partnership, the
6-38 investment partnership or its assignee shall make
6-39 arrangements to phase out investments and distribute the
6-40 principal and capital gains on investments in proportion
6-41 to the number of shares of each investor. The proceeds
6-42 attributable to the State of Georgia will be paid into the
6-43 Seed Capital Fund to be disbursed for future investments
6-44 as provided in this chapter.
-6-
7- 1 10-10-6.
7- 2 The center shall publish an annual report which shall be
7- 3 made available to the Governor, the General Assembly, and
7- 4 the board setting forth in detail the operations and
7- 5 transactions conducted by it pursuant to this chapter.
7- 6 The annual report shall specifically account for the ways
7- 7 in which the need, mission, and programs of the center
7- 8 described in this chapter have been carried out. The
7- 9 center shall distribute its annual report by such means
7-10 that will make it widely available to those innovative
7-11 enterprises of special importance to the Georgia
7-12 economy.",
7-13 and inserting in its place a new Chapter 10 to read as
7-14 follows:
7-15 10-10-1.
7-16 As used in this chapter, the term:
7-17 (1) 'Board' means the Board of Regents of the University
7-18 System of Georgia.
7-19 (2) 'Center' means the Advanced Technology Development
7-20 Center created by the board and acknowledged and
7-21 empowered to administer the fund by Article III, Section
7-22 IX, Paragraph VI(g) of the Constitution of Georgia.
7-23 (3) 'Enterprise' means a corporation, partnership,
7-24 limited liability company, or other legal entity that is
7-25 less than five years old, that has its principal place
7-26 of business in this state, and that is engaged in an
7-27 entrepreneurial business, including, but not limited to,
7-28 tenants of incubators. For the purposes of this
7-29 chapter, an enterprise shall not be considered to be
7-30 engaged in an entrepreneurial business unless it is
7-31 engaged in innovative work in the areas of technology,
7-32 manufacturing, marketing, agriculture, or information
7-33 related ventures that will increase the state's share of
7-34 domestic or international markets. An enterprise
7-35 engaged primarily in business of a mercantile nature
7-36 shall not be considered engaged in an entrepreneurial
7-37 business.
7-38 (4) 'Fund' means the Seed-Capital Fund created in Code
7-39 Section 10-10-3.
-7-
8- 1 (5) 'Incubator' means a facility that leases small units
8- 2 of space to tenants and which maintains or provides
8- 3 access to business development services for use by the
8- 4 tenants or member firms.
8- 5 (6) 'Investment entity' means a limited partnership, a
8- 6 limited liability company, or other legal entity
8- 7 providing limited liability to its owners that is formed
8- 8 to receive, in part, an investment by the fund and for
8- 9 which a general partner or manager manages the capital
8-10 contributions by making investments in qualified
8-11 securities of one or more enterprises as permitted by
8-12 this chapter and by paying the expenses of the
8-13 investment entity.
8-14 (7) 'Investment entity capital contribution' or 'capital
8-15 contribution' means the capital of an investment entity
8-16 contributed by the fund, as created in Code Section
8-17 10-10-3, and contributed by other investors, which
8-18 capital shall be used by the investment entity to make
8-19 investments in qualified securities of one or more
8-20 enterprises as provided by this chapter and to pay the
8-21 expenses of the investment entity but shall not include
8-22 any current or accumulated income of the investment
8-23 entity.
8-24 (8) 'Qualified security' means any note, stock, treasury
8-25 stock bond, debenture, evidence of indebtedness,
8-26 certificate of interest or participation in any
8-27 profit-sharing agreement, preorganization certificate or
8-28 subscription, transferable share, investment contract,
8-29 certificate of deposit for a security, certificate of
8-30 interest or participation in a patent or application
8-31 therefor or in royalty or other payments under such a
8-32 patent or application, or, in general, any interest or
8-33 instrument commonly known as a security or any
8-34 certificate for, receipt for, guarantee of, or option,
8-35 warrant, or right to subscribe to or purchase any of the
8-36 foregoing of an enterprise.
8-37 (9) 'State' means the State of Georgia.
8-38 10-10-2.
8-39 There is created the Seed-Capital Fund to be managed by
8-40 the center under the authority of the board.
-8-
9- 1 10-10-3.
9- 2 (a) The fund is created as a separate fund maintained by
9- 3 the board or a body designated by the board and shall be
9- 4 expended only as provided in this chapter. Pending their
9- 5 use as capital contributions, the moneys in the fund may
9- 6 be invested and reinvested in accordance with the
9- 7 investment policies authorized by the board or its
9- 8 designee. The entire cost of administration of the fund,
9- 9 including expenses of the center incurred in connection
9-10 with the creation, operation, management, liquidation, and
9-11 investment of fund moneys in investment entities, may be
9-12 paid from the assets of the fund. All moneys appropriated
9-13 to or otherwise paid into the fund shall be presumptively
9-14 concluded to have been committed to the purpose for which
9-15 they have been appropriated or paid and shall not lapse.
9-16 (b) The fund shall consist of all moneys authorized by law
9-17 for deposit in the fund, including, but not limited to,
9-18 gifts, grants, private donations, and funds by government
9-19 entities authorized to provide funding for the purposes
9-20 authorized for use of the fund and any payments or returns
9-21 on investments made by the center.
9-22 (c) In return for capital contributions by the fund, the
9-23 state will receive a limited liability ownership in the
9-24 investment entity with rights accruing from investments in
9-25 qualified securities by an investment entity. Additional
9-26 returns to the state will be secured through the
9-27 establishment and growth of innovative enterprises that
9-28 create new, value added products, processes, and services
9-29 and encourage growth and diversification in the economy of
9-30 the state.
9-31 (d) Disbursements from the fund shall be made upon the
9-32 instruction of the center director in accordance with the
9-33 policies of the board.
9-34 (e) The center, subject to the approval of the board or
9-35 its designee, shall be authorized to contract and have
9-36 contracts and other legal documents prepared to carry out
9-37 the provisions of this chapter.
9-38 (f) The board shall have the authority to issue policies
9-39 governing the management and operation of the fund as
9-40 needed.
-9-
10- 1 10-10-4.
10- 2 The center, subject to the approval of the board or its
10- 3 designee, may authorize transfers from the fund to make
10- 4 capital contributions to one or more investment entities
10- 5 whose structures, purposes, and operations are consistent
10- 6 with the criteria specified in this chapter. Investment
10- 7 entities to which the state makes a capital contribution
10- 8 shall not expend any of the funds invested by the state
10- 9 unless and until the center has assured itself that the
10-10 following conditions will be satisfied by such investment
10-11 entity:
10-12 (1) Either:
10-13 (A) At least $3.00 of capital contributions has been
10-14 committed in writing to the investment entity by
10-15 persons other than the state for every $1.00 of
10-16 capital contribution committed by the state from the
10-17 fund to the investment entity;
10-18 (B) At least $1.00 of capital contributions have been
10-19 committed in writing to the investment entity by
10-20 persons other than the state for every $1.00 of
10-21 capital contribution committed by the state from the
10-22 fund to an investment entity; provided, however, no
10-23 investment is to be made from such investment entity
10-24 in qualified securities without an equal or greater
10-25 investment in the same enterprise from sources other
10-26 than the investment entity, such that, in total, at
10-27 least $3.00 of investment from sources other than the
10-28 state, including funds investment by the investment
10-29 entity in the enterprise that are other than from
10-30 capital contributions made by the state from the fund,
10-31 have been committed to such enterprise for every $1.00
10-32 of the state's portion of the amount invested in the
10-33 qualified securities of such enterprise;
10-34 (2) The total amount of capital contributions by the
10-35 state made to an investment entity that originate from
10-36 the fund and that are ultimately invested by an
10-37 investment entity in qualified securities of an
10-38 enterprise should ordinarily be no more than
10-39 $500,000.00. In addition, the amount of investment by
10-40 an investment entity in qualified securities issued by
10-41 an enterprise should ordinarily not represent more than
10-42 49 percent of the total qualified securities at the time
10-43 such qualified securities are purchased by the
-10-
11- 1 investment entity, after giving effect to the conversion
11- 2 of all outstanding convertible qualified securities of
11- 3 the enterprise; provided, however, that the investment
11- 4 in qualified securities of the enterprise by the
11- 5 investment entity can exceed 49 percent if, in the
11- 6 investment entity's judgment exercised in accordance
11- 7 with paragraph (5) of this Code section, such greater
11- 8 investment is prudent, and provided, further, that an
11- 9 amount greater than $500,000.00 of funds attributable to
11-10 capital contribution by the state from the fund may be
11-11 invested by the investment entity in qualified
11-12 securities of an enterprise if the enterprise is in
11-13 severe financial difficulty and, in the judgment of the
11-14 investment entity, an investment of such greater amount
11-15 is necessary to preserve the initial investment in
11-16 qualified securities;
11-17 (3) The investment entity shall make authorized
11-18 investments in enterprises engaged in an entrepreneurial
11-19 business only after receipt of an application from the
11-20 enterprise that contains:
11-21 (A) A business plan including pro forma financial
11-22 statements and a description of the enterprise and its
11-23 management, product, and market;
11-24 (B) A statement of the amount, timing, and projected
11-25 use of the capital required;
11-26 (C) A statement of the potential economic impact of
11-27 the enterprise, including the number, location, and
11-28 types of jobs expected to be created; and
11-29 (D) Such other information as the investment entity
11-30 shall request;
11-31 (4) Approval of an investment may be made after the
11-32 investment entity finds, based upon the application
11-33 submitted by the enterprise and such additional
11-34 investigation as the staff of the investment entity
11-35 shall make and incorporate in its records, that:
11-36 (A) The proceeds of the investment or financial
11-37 assistance will be used only to cover the seed capital
11-38 needs of the enterprise except as authorized by
11-39 paragraph (2) of this Code section;
11-40 (B) The enterprise has a reasonable chance of success;
11-41 (C) The investment entity's participation is
-11-
12- 1 instrumental to the success of the enterprise and its
12- 2 retention within the state;
12- 3 (D) The enterprise has the reasonable potential to
12- 4 enhance employment opportunities within the state;
12- 5 (E) The entrepreneur and other founders of the
12- 6 enterprise have already made or are contractually
12- 7 committed to make a substantial financial or time
12- 8 commitment to the enterprise;
12- 9 (F) Any securities to be purchased are qualified
12-10 securities;
12-11 (G) There is a reasonable possibility that the
12-12 investment entity will recoup at least its initial
12-13 investment or financial commitment; and
12-14 (H) Binding commitments have been made to the
12-15 investment entity by the enterprise for adequate
12-16 reporting of financial data to the investment entity,
12-17 which shall include a requirement for an annual report
12-18 or, if required by the investment entity, an annual
12-19 audit of the financial and operational records of the
12-20 enterprise, and for such control on the part of the
12-21 investment entity as considered prudent, over the
12-22 management of the enterprise so as to protect the
12-23 investment or financial commitment of the investment
12-24 entity, including in the discretion of the entity and
12-25 without limitation, right of access to financial and
12-26 other records of the enterprise and membership or
12-27 representation on the board of directors of the
12-28 enterprise;
12-29 (5) The governing agreement of the investment entity
12-30 provides that the care and judgment that management of
12-31 the investment entity must exercise in the performance
12-32 of its obligations shall be the judgment and care under
12-33 the circumstances then prevailing and that persons of
12-34 ordinary prudence, discretion, and intelligence exercise
12-35 in the management of risk capital intended for
12-36 investment at the early stages of organization and
12-37 growth of a business that are:
12-38 (A) Expected to create, retain, or extend employment
12-39 opportunities and economic growth in Georgia; and
12-40 (B) All other material matters being equal, developing
12-41 technological advances that could be expected to
-12-
13- 1 result in the greatest increase in employment
13- 2 opportunity and economic growth in Georgia; and
13- 3 (6) The governing agreement of the investment entity
13- 4 provides for distributions made by the investment entity
13- 5 to its partners or members that are proportionate to
13- 6 the capital committed or otherwise reflective of the
13- 7 ownership interests purchased by the partners or
13- 8 members.
13- 9 10-10-5.
13-10 All distributions made by an investment entity allocable
13-11 to the state's limited partner interest or membership
13-12 interest therein shall be deposited in the fund for future
13-13 investment in other investment entities or to pay the cost
13-14 of administration of the fund as provided in this chapter.
13-15 10-10-6.
13-16 The center, on behalf of the board, shall publish an
13-17 annual report which shall be made available to the
13-18 Governor, the General Assembly, and the board setting
13-19 forth in detail the operations and transactions conducted
13-20 by it pursuant to this chapter. The annual report shall
13-21 specifically account for the ways in which the need,
13-22 mission, and programs of the center described in this
13-23 chapter have been carried out. The center shall
13-24 distribute its annual report by such means that will make
13-25 it widely available to those innovative enterprises of
13-26 special importance to the Georgia economy."
13-27 SECTION 2.
13-28 This Act shall become effective upon its approval by the
13-29 Governor or upon its becoming law without such approval.
13-30 SECTION 3.
13-31 All laws and parts of laws in conflict with this Act are
13-32 repealed.
-13-
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 04/27/00
