Title 26, BANKS AND BANKING

26-2401. Definitions. As used in this act, the following words and phrases, unless differently defined or described, shall have the meanings and references as follows: (1) "Corporation" means an Idaho industrial development corporation created under this act. (2) "Financial insti…

26-2402. Who may incorporate. Ten (10) or more persons, a majority of whom shall be residents of this state, who may desire to create an industrial development corporation under the provisions of this act, for the purpose of promoting, developing and advancing the prosperity and …

26-2403. Powers of the corporation. In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by the provisions of chapter 1, title 30, Idaho Code, the corporation shall, subject to the restrictions and limitations herein con…

26-2404. Right to purchase or transfer capital stock or obligations of corporation. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or trust in…

26-2405. Application for membership — Loans. Any financial institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acce…

26-2406. Duration of membership. Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation five (5) years in advance, a member may withdraw from membership in the corporation at the expiration date of s…

26-2407. Powers of stockholders and members. The stockholders of the corporation shall have the power to determine the number of and elect directors as provided in section 26-2409. The stockholders and the members of the corporation shall have the following powers of the corporat…

26-2408. Amendment to articles of incorporation. The articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (2/3) …

26-2409. Business of corporation managed by board of directors. The business and affairs of the corporation shall be managed and conducted by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation …

26-2410. Earned surplus. Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half (1/2) of the amount paid in on capital stock then outstand…

26-2411. Deposits in banks. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of …

26-2412. Annual financial examination. The corporation shall be examined at least once annually by the director of the department of finance and shall make reports of its condition not less than annually to said director of the department of finance and more frequently upon call …

26-2413. Meetings. The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five (5) d…

26-2414. Duration of corporation. Unless otherwise provided in the articles of incorporation, the period of duration of the corporation shall be perpetual, subject, however, to the right of the stockholders and the members to dissolve the corporation prior to the expiration of sa…

26-2415. Dissolution. The corporation may upon the affirmative vote of two-thirds (2/3) of the votes to which the stockholders shall be entitled and two-thirds (2/3) of the votes to which the members shall be entitled dissolve said corporation as provided by sections 30-1-82 thro…

26-2416. Credit of state not pledged. Under no circumstances shall the credit of the state of Idaho be pledged to any corporation organized under the provisions of this act.

26-2417. Corporation deemed a state development company. Any corporation organized under the provisions of this act shall be a state development company, as defined in the Small Business Investment Act of 1958, and amendments thereto, or any other similar federal legislation, and…

26-2418. Fiscal year. Corporations organized under this act shall adopt the calendar year as their fiscal year.