(1) A development credit corporation created pursuant to Title 32, chapter 4, MCA, or a company organized and existing under the laws of Montana, created for the purposes of making venture or risk capital available for qualified investments as defined in Title 90, chapter 8, MCA, shall make written application for certification to the board on application forms provided by the board. Said application form shall be signed by a duly authorized officer, or partner, and contain the following information and evidence:

(a) the full legal name of the company;

(b) the address of the applicant's principal office in the state;

(c) the names and respective addresses of the applicant's directors and officers or general and managing partners including street and number in any city or town, state and zip code;

(d) a certified copy of the certificate of incorporation, and articles of incorporation, or a certified copy of the certificate of formation of a limited partnership, or trust documents, or other evidence that the company is organized and existing under the laws of Montana;

(e) information and evidence that the applicant's purpose is to increase the general economic welfare of the state of Montana by making investment capital available to businesses in Montana;

(f) information and evidence that the applicant has filed with the securities commission a disclosure document and a consent to service of process as required by 90-8-304, MCA or information and evidence that the applicant has registered the securities offering pursuant to the Securities Act of Montana, section 30-10-101, et seq or information and evidence that the securities offering is exempt from registration under the Securities Act of Montana.

(g) information and evidence that the applicant has disclosed or will disclose to all investors that a tax credit is not available for an investment in a company until the company has been designated a "qualified" Montana capital company and the investor has received a certificate approving the credit from the board;

(h) information and evidence that the applicant has disclosed or will disclose to all investors that a tax credit will not be made available until the company raises at least $200,000 in equity capital after April 18, 1983, and has been designated a "qualified" capital company, and all statutory limits on tax credits are disclosed;

(i) information and evidence that the applicant has disclosed or will disclose to all investors that the state of Montana is not liable for damages in accordance with section 90-8-205, MCA;

(j) a statement that if the investors in the company or partnership receive a tax credit under Title 90, chapter 8, MCA, then the company will use the capital base included by such tax credit to make qualified investments as defined in section 90-8-104(5) , MCA, and according to the schedule in section 90-8-301, MCA, and within the limits established in section 90-8-302, MCA;

(k) a statement that the company will comply with all requirements of Title 90, chapter 8, MCA, including the filing of quarterly reports of investors and qualified investments required in section 90-8-312, MCA;

(l) if a corporation, information on the aggregate number of shares which it has authority to issue, itemized by classes, par value of shares, shares without par value, and series, if any, within a class;

(m) if a corporation, information on the aggregate number of its issued shares, itemized by classes, par value of shares, shares without par value, and series, if any, within a class;

(n) information stating the total capital account of the applicant and how the value has been determined and how the equity portion has been determined for both the period before and after April 18, 1983;

(o) the names and respective addresses of persons or businesses that own twenty-five percent or more of the voting shares of the company;

(p) the amount of equity capitalization up to $1,500,000 raised between April 18, 1983 and June 30, 1987, and the amount of equity capitalization up to $3,000,000 raised after June 30, 1987 that the company expects to qualify for the tax credits provided for in section 90-8-202, MCA.

(2) The form for applying to become a certified Montana capital company may be obtained from the administrator.

(3) The time and date of filings shall be recorded at the time of filing in the office of the board and shall not be construed to be the date of mailing. Recording the filing time and date does not indicate the application is complete.

(4) The administrator shall review all applications and designate those he determines to be complete. In the event that the administrator determines an application is deemed incomplete in any respect, the applicants will be notified within fifteen days. An incomplete application shall be resubmitted.

(5) The submittal of any false or misleading information in the application will be grounds for rejection of the application and denial of further consideration.

(6) The administrator shall notify, within fifteen days, the applicant if the application is complete and shall place the application on the agenda of the next regularly scheduled board meeting occurring after such notification.

(7) The board, at its next regular meeting, after an application is designated complete by the administrator, shall designate as "certified" Montana capital companies those companies which are development corporations created pursuant to Title 32, chapter 4, MCA, and those companies which the board determines are organized for the purpose of increasing the general economic welfare of the state by making investment capital available to businesses in Montana.

(8) The board shall notify the applicants of its action designating "certified" Montana capital companies and the notice shall specify the level of equity capitalization that the applicant expects to qualify for the tax credits provided under section 90-8-202, MCA.

(9) Certification automatically expires if the company fails to become qualified pursuant to ARM 8.97.804, within eighteen months of the date it was certified for applications received after the effective date of this amendment.