SENATE DOCKET, NO. 512        FILED ON: 1/13/2009

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 198

The Commonwealth of Massachusetts

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In the Year Two Thousand Nine

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An Act relative to revocation..

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Paragraph (2) of subsection (e) of Section 5 of Chapter 23I, as added by section 13 of chapter 130 of the acts of 2008, is hereby amended by inserting at the end thereof the following:-

The Secretary must revoke certification when two consecutive independent investigations determine that representations made by the life sciences sector business in its project proposal are materially at variance with the conduct of the life sciences sector business after the certification, and the actual return on investment by the life sciences sector business is less than 70 per cent of the return on investment projected in the project proposal.