15E.42 - DEFINITIONS. - Iowa Statutes

15E.42 DEFINITIONS. For purposes of this division, unless the context otherwise requires: 1. "Affiliate" means a spouse, child, or sibling of an investor or a corporation, partnership, or trust in which an investor has a controlling equity interest or in which an investor exercises management control. 2. "Board" means the Iowa capital investment board created in section 15E.63. 3. "Investor" means a person making a cash investment in a qualifying business or in a community-based seed capital fund. "Investor" does not include a person that holds at least a seventy percent ownership interest as an owner, member, or shareholder in a qualifying business. 4. "Near equity" means debt that may be converted to equity at the option of the debt holder, and royalty agreements. 5. "Qualifying business" means a business meeting the criteria defined in section 15E.44.          Section History: Recent Form 2002 Acts, ch 1006, §2, 13; 2002 Acts, ch 1175, §75; 2003 Acts, ch 108, §8; 2003 Acts, ch 179, §95, 159; 2004 Acts, ch 1148, §1, 7