(1) A "certified" capital company shall make written application 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) any changes, new information or evidence regarding items (b) through (g) of ARM 8.97.803(1) , of the company's application to become a "certified" capital company;

(c) adequate proof of a minimum level of equity capitalization of $200,000 raised after April 18, 1983;

(d) the information required in ARM 8.97.807 on the forms required in ARM 8.97.807.

(2) The form for applying to become a qualified 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 dates 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 application shall not be deemed complete for purposes of section 90-8-202(2) , MCA until approved as complete by the administrator.

(5) The submittal of any false or misleading information in this 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 "qualified" Montana capital companies those certified Montana capital companies which have filed complete applications to become qualified companies and which the board finds to have a minimum level of $200,000 in equity capitalization raised after April 18, 1983.

(8) The administrator may, in his discretion require the company to submit a plan detailing how the company plans to raise capital.

(9) The board shall suspend qualification of companies when all available tax credits have been distributed.