9-7-125. Subsidiary corporation; economic development loans.
(a) The authority may charter a subsidiary corporation for the purpose of managing or originating economic development loans subject to the following conditions:
(i) The directors of the authority shall also be directors of the subsidiary corporation and are entitled to the same compensation and expenses for such service as provided by W.S. 9-7-104(b) so long as the services do not occur on the same day;
(ii) The subsidiary corporation shall not take equity positions through stock ownership in any corporation or association;
(iii) The subsidiary corporation is subject to the audit requirements of W.S. 9-7-116 and the financial supervision requirements of W.S. 9-7-105(b);
(iv) The subsidiary corporation shall not acquire or originate any economic development loans on and after the effective date of this act;
(v) This section is retroactive and prospective in its application.
Structure Wyoming Statutes
Title 9 - Administration of the Government
Chapter 7 - Community Development, and Science, Technology and Energy, Authorities
Article 1 - Community Development Authority
Section 9-7-101 - Short Title.
Section 9-7-102 - Legislative Findings.
Section 9-7-103 - Definitions.
Section 9-7-105 - Community Development Authority; General Powers and Duties.
Section 9-7-107 - Community Development Authority; Revenue Bonds; Issuance.
Section 9-7-108 - Community Development Authority; Revenue Bonds; Amount Authorized.
Section 9-7-109 - Community Development Authority; Revenue Bonds; Security Therefor.
Section 9-7-111 - Community Development Authority; Revenue Bonds; Disposition of Monies Received.
Section 9-7-112 - Exemptions From Taxation; Exceptions.
Section 9-7-113 - Bonds as Legal Investments.
Section 9-7-114 - State Pledge Not to Impair Bondholder's Rights and Remedies.
Section 9-7-115 - Appointment of Trustee by Bondholders; Powers and Duties Thereof.
Section 9-7-116 - Investment and Management of Funds.
Section 9-7-117 - Assistance by State Agencies.
Section 9-7-118 - Annual Report and Budget.
Section 9-7-119 - Conflicts of Interest.
Section 9-7-120 - Priorities in Commitment of Monies.
Section 9-7-123 - Economic Development Projects; Insurance Fund.
Section 9-7-125 - Subsidiary Corporation; Economic Development Loans.