26-2701. PURPOSE OF CHAPTER. The purposes of this chapter are to:
(1) Promote economic development by encouraging the formation of business and industrial development corporations, a new type of private institution, to help meet the financing assistance and management assistance needs of business firms.
(2) Provide for a system of licensing, regulation, and enforcement that will enable business and industrial development corporations to satisfy eligibility requirements to participate, if they so choose, in the program of the small business administration pursuant to section 7(a) of the small business act, Public Law 85-536, 15 U.S.C. section 636(a), and other programs for which they may be eligible.
(3) Provide for a system of licensing, regulation, and enforcement designed to prevent fraud, conflict of interest, and mismanagement, and to promote competent management, accurate recordkeeping, and appropriate communication with shareholders in order to provide the following:
(a) Comfort to prospective shareholders in order to facilitate equity investments in business and industrial development corporations;
(b) Comfort to prospective debt sources in order to facilitate the borrowing of money by business and industrial development corporations; and
(c) Protection of the general reputation of business and industrial development corporations as a type of institution in order to increase the confidence of prospective equity investors in and prospective debt sources for those institutions.
It is hereby further declared that all of the foregoing are public purposes and uses for which public moneys may be expended or granted and that such activities are governmental functions and serve a public purpose in improving or otherwise benefiting the people of this state; that the necessity of enacting the provisions hereinafter set forth is in the public interest and is hereby so declared as a matter of express legislative determination.
History:
[26-2701, added 1989, ch. 252, sec. 1, p. 602; am. 2002, ch. 145, sec. 1, p. 407.]
Structure Idaho Code
Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
Section 26-2701 - PURPOSE OF CHAPTER.
Section 26-2702 - DEFINITIONS.
Section 26-2703 - POWERS OF DIRECTOR.
Section 26-2704 - APPLICATIONS — INVESTIGATIONS — SERVICE OF PROCESS.
Section 26-2707 - ANNUAL REPORT TO LEGISLATURE REQUIRED.
Section 26-2708 - ANNUAL LICENSE REVIEW BY DIRECTOR.
Section 26-2709 - REQUIREMENTS FOR LICENSURE.
Section 26-2710 - PRELIMINARY APPROVAL — DENIAL IN WRITING — POSTING OF LICENSE.
Section 26-2711 - USE OF BIDCO NAME RESTRICTED — EXCEPTION.
Section 26-2712 - DUAL LICENSURE — EXCEPTIONS.
Section 26-2713 - SURRENDER OF LICENSE.
Section 26-2714 - CORPORATE NAME — DIRECTORS — DIVIDENDS — RESTRICTION ON USE OF PUBLIC MONEYS.
Section 26-2715 - OFFICES — LOCATION.
Section 26-2716 - BUSINESS ACTIVITIES — CORPORATE POWERS.
Section 26-2717 - FORMS OF FINANCIAL AND MANAGEMENT ASSISTANCE — INTEREST RATES.
Section 26-2718 - BIDCO ACQUIRING ANOTHER FIRM — APPLICATION — REQUIREMENTS.
Section 26-2719 - SOUND BUSINESS PRACTICES REQUIRED.
Section 26-2720 - CONFLICT OF INTEREST — DEFINED.
Section 26-2721 - ACQUISITION OF BIDCO — APPROVAL REQUIRED.
Section 26-2722 - MERGER — REQUIREMENTS — APPLICATIONS.
Section 26-2723 - VIOLATION OF CHAPTER — DIRECTOR’S POWERS — HEARINGS — CEASE AND DESIST.
Section 26-2724 - VIOLATION OF CHAPTER — REMOVAL OF SUBJECT PERSON.
Section 26-2725 - INDICTMENT OR CONVICTION OF A CRIME — REMOVAL OF SUBJECT PERSON.
Section 26-2726 - DISCLOSURE TO SHAREHOLDERS — BOARD OF DIRECTORS.
Section 26-2727 - ORDER TO REFRAIN FROM OFFERING FINANCIAL ASSISTANCE — CONDITIONS — HEARING.
Section 26-2728 - APPOINTMENT OF TRUSTEE — LIQUIDATION OF THE BIDCO — PROCEDURE.
Section 26-2729 - VIOLATION OF CHAPTER — CIVIL PENALTIES.
Section 26-2730 - PROHIBITED ACTS — EXCEPTIONS — PENALTIES.
Section 26-2731 - CONSTRUCTION — PROMULGATION OF RULES — APPLICABILITY OF CHAPTER.