History: En. Sec. 2, Ch. 701, L. 1985; amd. Sec. 17, Ch. 316, L. 1989; amd. Sec. 1, Ch. 566, L. 1991; amd. Sec. 6, Ch. 594, L. 1991; amd. Sec. 3, Ch. 331, L. 1993.
90-3-102.
(1) "Act" means the Montana science and technology financing act.
(2) "Board" means the Montana board of science and technology development provided for in 2-15-1818.
(3) "Company" means a firm, partnership, corporation, association, or any other entity authorized to conduct business in Montana.
(4) "Convertible debenture" means a debenture convertible into stock under certain conditions by any individual or company. The debenture may not be converted by the board.
(5) "Debenture" or "note" means a writing or certificate issued as evidence of debt.
(6) "Department" means the department of commerce created in 2-15-1801.
(7) "Expansion capital project" means a science and technology development project undertaken to enable a company to expand its manufacturing and marketing activities in order to move its products or services into new markets or to expand existing markets.
(8) "Innovative technology" means the involvement of a product or process that embodies the use of implements, machinery, equipment, chemical formulations, resources, materials, methods, or other items in a manner that departs from previous commercial developments, practices, or applications.
(9) "Matching funds" means the funds received in cash by the science and technology development project loan recipient from nonstate-appropriated sources and committed by the loan recipient to the project in an amount that is at least equal to the funds loaned to the recipient by the board for use in the science and technology development project.
(10) "Medical facility research and development project" means a research and development project designed to advance the development and operation of facilities that concentrate on fields of medical research involving advanced technology applied to national medical concerns through the financing of personnel, equipment, and operating costs with the goal of establishing the facilities as enduring research organizations in Montana.
(11) "Portfolio company" means a startup or expansion stage company that has received a seed capital project loan from the board.
(12) "Private sector" means any entity or individual, not principally a part of or associated with a governmental unit, that is associated with or involved in commercial activity.
(13) "Research and development project" means a science and technology development project that falls into the category of research capability development, applied technology research, or technology transfer and assistance.
(14) "Research and development project loan" means a science and technology development project loan entered into between the board and a loan recipient for a research and development project.
(15) "Science and technology development project" means either a seed capital project or research and development project designed to discover, develop, transfer, utilize, or commercialize existing or new, innovative technology in order to strengthen and enhance economic development in Montana.
(16) "Science and technology development project loan agreement" or "loan" means an agreement entered into between the board and the loan recipient of a seed capital project loan or a research and development project loan that:
(a) creates a debt relationship between the parties;
(b) provides for a financial return to the board;
(c) provides economic development potential to the state; and
(d) contains the applicable provisions and terms required by this chapter.
(17) "Seed capital project" means a startup capital project or expansion capital project.
(18) "Seed capital project loan" means a science and technology development project loan entered into between the board and a loan recipient for a seed capital project.
(19) "Startup capital project" means a science and technology development project that assists a company in initiating commercial operations.
(20) "State" means the state of Montana.
(21) "Technology transfer" means a two-way process by which ideas or inventions for processes or products developed in a research program, usually on a laboratory or pilot-plant scale, are converted to commercial use.
(22) "Venture capital company" means a partnership, corporation, or other business entity engaged in raising funds from investors and earning a financial return for those investors by making equity or quasi-equity investments in new or expanding business.
(23) "Warrant" means an instrument issued by a corporation that gives a holder other than the board the right to purchase stock of a corporation either for a limited time or perpetually. 
