116S.04 POWERS OF CORPORATION.
Subdivision 1.
General corporate powers. (a) The corporation has the powers granted to a
nonprofit corporation by section
317A.161, except as otherwise provided in this chapter.
(b) Except as specified in section
116S.02, subdivision 10, the state is not liable for the
obligations of the corporation.
(c) Section
317A.161 applies to this chapter and the corporation in the same manner that it
applies to business corporations established under chapter 317A.
(d) The corporation is a state agency for purposes of the following accounting and budgeting
requirements:
(1) financial reports and other requirements under section
16A.06;
(2) the state budget system under sections
16A.095,
16A.10, and
16A.11;
(3) the state allotment and encumbrance, and accounting systems under sections
16A.14,
subdivisions 2, 3, 4, and 5
; and
16A.15, subdivisions 2 and 3; and
(4) indirect costs under section
16A.127.
Subd. 2.
Duties. (a) The corporation must qualify as a state development company for
purposes of United States Code, title 15, section 697, as amended, and must comply with
applicable Small Business Administration organizational, operational, regulatory, and reporting
requirements.
(b) The corporation must also comply with the requirements of the Small Business
Administration's section 504 loan program, United States Code, title 15, section 697a, as amended.
Subd. 3.
Membership. The governor shall appoint at least 25 members of the corporation,
who must be representatives of government, private-sector lending institutions, community
organizations, and business organizations, as described in Code of Federal Regulations, title
13, section 108.503-1(d), as amended. The membership shall select the members of the board
of directors in accordance with section
116S.02, subdivision 3. The board may submit names of
persons for consideration by the governor in filling vacancies in the membership under this
subdivision.
History: 1993 c 177 s 5