Kansas Subscription Agreement — A Section 3C1 Fund is a legally binding document that outlines the terms and conditions between an investor and a Section 3C1 Fund based in Kansas. This agreement regulates the investor's participation in the fund and defines the rights and obligations of both parties involved. A Section 3C1 Fund is a specific type of investment fund that meets the requirements set forth in Section 3(c)(1) of the Investment Company Act of 1940. This section allows the fund to be exempt from certain regulations that would otherwise apply to regular investment companies. The Kansas Subscription Agreement for a Section 3C1 Fund includes the following key components: 1. Parties Involved: This section identifies the investor and the fund, providing the legal names and addresses of both parties. 2. Subscription Details: The agreement stipulates the amount of the investment, the type of units or shares being subscribed to, and any minimum or maximum investment requirements. 3. Transfer Restrictions: The agreement may include clauses that restrict the transfer of units or shares to third parties without prior consent from the fund or complying with specific procedures. 4. Representations and Warranties: This section outlines the investor's representations and warranties, where they confirm their eligibility to invest and that they have received all necessary information about the fund. 5. Investment Risk Disclosure: The agreement highlights the risks associated with the investment, including potential loss of invested capital, market volatility, and other factors that may affect the fund's performance. 6. Subscription Process: It explains the process through which the investor can subscribe to the fund, including any applicable deadlines, payment instructions, and procedures for completing the necessary documentation. 7. Fees and Expenses: The agreement may outline the management fees, administrative expenses, and any other charges associated with investing in the fund. This section provides transparency regarding the costs involved. Different types of Kansas Subscription Agreement — A Section 3C1 Funds can include variations based on specific investment strategies, target industries, or asset classes. Some examples of these variations include: 1. Kansas Real Estate Section 3C1 Fund Subscription Agreement: This particular agreement is tailored for funds specializing in real estate investments in Kansas. It may include specific clauses related to property acquisitions, leasing, and property management. 2. Kansas Technology Start-up Section 3C1 Fund Subscription Agreement: This type of agreement caters to funds that focus on investing in early-stage technology companies based in Kansas. It might include provisions regarding intellectual property rights, market analysis for technological innovations, and exit strategies. 3. Kansas Energy Section 3C1 Fund Subscription Agreement: This agreement targets funds investing in the energy sector within Kansas, covering areas such as oil, gas, renewable energy, or utilities. It could address regulatory considerations, environmental impact assessments, and potential economic risks related to the energy industry. In summary, Kansas Subscription Agreement — A Section 3C1 Fund is a legally binding document that establishes the terms and conditions for an investor's participation in a Section 3C1 Fund based in Kansas. The agreement outlines the rights, responsibilities, and risks associated with the investment, ensuring transparency and protection for both parties involved.
Kansas Subscription Agreement - A Section 3C1 Fund
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(3) is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40 per centum of the value of such issuer's total assets (exclusive of Government securities and cash items) on an ...
For the purpose of section 3(c)(1) of the Act, beneficial ownership by a com- pany owning 10 per centum or more of the outstanding voting securities of any issuer which is a small business in- vestment company licensed to operate under the Small Business Investment Act of 1958, or which has received from the Small ...
3C1 refers to a portion of the Investment Company Act of 1940 that allows private investment companies to be considered exceptions to certain regulations and reporting requirements stipulated by the Securities and Exchange Commission (SEC).
Private funds must not plan to issue an IPO and their investors must be qualified purchases to qualify for the 3C7 exemption. There is no maximum limit for the number of purchasers of 3C7 funds. In contrast to 3C7, 3C1 funds deal with no more than 100 accredited investors.
For instance, a qualified purchaser is often allowed to invest in funds that are exempt from the Securities and Exchange Commission (SEC) registration under both Sections 3(c)(1) and 3(c)(7) of the Investment Company Act, whereas an accredited investor would only be allowed to invest in a Section 3(c)(1) fund.
Types of 3(c)(1) Investors Generally speaking investors in Section 3(c)(1) hedge funds will be both accredited investors and qualified clients. A 3(c)(1) fund must limit its investors to qualified clients if it wants to charge a performance fee.
A 3(c)(1) fund is a pooled investment vehicle that is excluded from the definition of investment company in the Investment Company Act because it has no more than 100 beneficial owners (or, in the case of a qualifying venture capital fund, 250 beneficial owners) and otherwise meets criteria outlined in Section 3(c)(1) ...
3C7 funds, as noted, take investments from qualified purchasers, whereas 3C1 funds work with accredited investors. 4. Investors in 3C7 funds are held to a higher wealth measure than those in 3C1 funds, which can limit the investor pool that a fund is hoping to raise money from.
Section 3(c)(1) excepts from the definition of investment company any issuer whose outstanding securities (other than short-term paper) are beneficially owned by not more than one hundred persons and that is not making and does not at that time propose to make a public offering of such securities.
Private funds must not plan to issue an IPO and their investors must be qualified purchases to qualify for the 3C7 exemption. There is no maximum limit for the number of purchasers of 3C7 funds. In contrast to 3C7, 3C1 funds deal with no more than 100 accredited investors.