Chapter 40G

Section 2. There is hereby created a body politic and corporate to be known as the Massachusetts Technology Development Corporation or MTDC. The MTDC is hereby constituted a public instrumentality and the exercise by the MTDC of the powers conferred by this chapter shall be deeme…

Section 3. The MTDC shall have all of the powers necessary to carry out its purposes which shall include but not be limited to: (a) make, amend and repeal by-laws, rules and regulations for the management of its affairs; (b) adopt an official seal; (c) sue and be sued, in its own…

Section 4. There is hereby established an investment fund to which shall be credited any state appropriations or other moneys made available to the fund. The corporation shall hold the investment fund in an account or accounts separate from other funds. The corporation shall inve…

Section 4B. The corporation is hereby authorized and directed to establish a fund to be called the Commonwealth Fund which shall be managed by the MTDC to benefit and expand the economic climate within the commonwealth so long as such is consistent with sound investment policy. M…

Section 4C. The center shall administer the Innovation Commercialization Seed Fund established in section 45B of chapter 75.

Section 5. The MTDC is hereby specifically authorized to operate as a licensed small business investment corporation under the provisions of the Small Business Investment Act of 1958, Public Law 85–699, as amended from time to time, if it can qualify thereunder and if the board s…

Section 5A. The MTDC is hereby authorized to operate as a corporation for innovation development under the provisions of the rules and regulations of the United States Department of Commerce regarding corporations for innovation development and under the provisions of the Public …

Section 6. The MTDC shall annually submit a complete and detailed report of the corporation's activities within ninety days after the end of the fiscal year to the clerk of the house of representatives and to the clerk of the senate. The report shall contain the number of additio…

Section 7. The books and records of the Massachusetts Technology Development Corporation shall be subject to an audit by the state auditor, in accordance with generally accepted government auditing standards, once every 3 years and as often as the state auditor determines is nece…

Section 8. This chapter shall be liberally construed to effect its purposes.

Section 9. In making his initial appointments to the board of directors of the Massachusetts Technology Development Corporation, the governor shall select the appointed members from among the members of the board of directors of the Massachusetts Science and Technology Foundation…