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    Subdivision 1. Public corporation. Minnesota Business Finance, Inc. is a public corporation
of the state and is not subject to the laws governing a state agency except as provided in this
chapter. The business of the corporation must be conducted under the name "Minnesota Business
Finance, Inc."
    Subd. 2. Purpose. The purpose of the corporation is to engage in economic development
activities throughout Minnesota and to provide access to capital for commercial borrowers
throughout Minnesota primarily through the Small Business Administration section 503 program,
United States Code, title 15, section 697, as amended.
    Subd. 3. Board of directors. The corporation is governed by a board of 14 directors. The
membership terms, compensation, removal, and filling of vacancies of public members of
the board are governed by section 15.0575 except that the terms of the public members are
concurrent. The membership of the board consists of the commissioner of employment and
economic development or the commissioner's designee and 13 members who are:
(1) involved in economic development within the state of Minnesota;
(2) selected by the membership of the corporation in accordance with section 116S.04,
subdivision 3
; and
(3) representative of government, private-sector lending institutions, community
organizations, and business organizations as described in Code of Federal Regulations, title 13,
section 108.503-1(b)(2), as amended.
    Subd. 4. Bylaws. The board of directors shall adopt bylaws and publish the bylaws and
amendments to the bylaws in the State Register.
    Subd. 5. Places of business. The board shall locate and maintain the corporation's places of
business within the state.
    Subd. 6. Meetings and actions of the board. (a) The board shall meet at least twice a
year and may hold additional meetings upon giving notice in accordance with the bylaws of the
corporation. Except as provided in subdivision 7, board meetings are subject to chapter 13D.
(b) A conference among directors by any means of communication through which the
directors may simultaneously hear each other during the conference constitutes a board meeting if
the number of directors participating in the conference is sufficient to constitute a quorum for the
meeting. Participation in a meeting by that means constitutes presence in person at the meeting.
    Subd. 7. Closed meetings; recording. The board of directors may by a majority vote in
a public meeting decide to hold a closed meeting for purposes of discussing data described in
subdivision 8 or security information, trade secret information, or labor relations information,
as defined in section 13.37, subdivision 1. The time and place of the closed meeting must be
announced at the public meeting. A written roll of members present at the closed meeting must be
made available to the public after the closed meeting. The proceedings of a closed meeting must
be tape recorded. The data on the tape are nonpublic data or private data on individuals as defined
in section 13.02, subdivision 9 or 12, whichever is applicable.
    Subd. 8. Application and investigative data. Financial data, statistics, and information
furnished to the corporation in connection with assistance or proposed assistance, including credit
reports, financial statements, statements of net worth, income tax returns, either personal or
corporate, and any other business and personal financial records are private data with regard to
data on individuals under section 13.02, subdivision 12, or as nonpublic data with regard to data
not on individuals under section 13.02, subdivision 9.
    Subd. 9. Conflict of interest. A director, employee, or officer of the corporation may not
participate in or vote on a decision of the board relating to an organization in which the director has
either a direct or indirect financial interest or a conflict of interest as described in section 10A.07.
    Subd. 10. Tort claims. The corporation is a state agency for purposes of section 3.736.
    Subd. 11. Data practices and records management. The corporation is subject to chapter
13 and sections 15.17 and 138.163 to 138.226.
History: 1993 c 177 s 3; 1Sp2003 c 4 s 1

Official Publication of the State of Minnesota
Revisor of Statutes