General provisions -- Definitions.

As used in this part: (1) "Executive director" means the executive director of the institute appointed under Section 53H-16-304. (2) "Institute board" means the board of directors of the Nucleus Institute as described in Section 53H-16-302. (3) "Investment committee" means the investment committee of the Nucleus Fund created in Section 53H-16-403. (4) "Nucleus Fund" means a limited liability company organized under Section 53H-16-402. (5) "Nucleus Institute" or "institute" means the Nucleus Institute created in Section 53H-16-202. (6) "Qualified business" means a business entity that: (a) is established to commercialize a technology, product, or service developed in partnership with a technology commercialization program at a public institution or private postsecondary educational institution in the state; and (b) maintains the business's principal business operations in the state. (7) "Qualified investment" means any distribution or payment of funds to a qualified business from the Nucleus Fund, including: (a) a direct investment of capital in a qualified business for the purchase of shares of stock; (b) a secured loan or revolving line of credit to a qualified business; or (c) a financial grant to a qualified business.