Title 17, Title 17: CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE

17:52-13. Directors The business and affairs of every business development corporation shall be managed by a board of directors consisting of not less than 9 and not more than 18, as the by-laws may prescribe. Not less than 2/3 of the directors shall be elected by the members of …

17:52-14. Members; qualifications Any bank, trust company, national bank, insurance company, surety company or public utility company which is authorized to transact business in this State shall be eligible to become a member of a business development corporation. Membership shal…

17:52-15. Members; obligations Each member shall, when called upon to do so by the board of directors, lend money to the corporation, but no member shall make any loan to the corporation in any sum which would cause the amount owing to the member by the corporation to exceed 2% o…

17:52-16. Members; termination of membership Any member may withdraw from membership at the expiration of 3 months from the date when written notice of intention to withdraw is given to the board of directors. At the expiration of the period of the notice, the member shall be rel…

17:52-17. Members; stockholders; voting rights; preemptive rights At all meetings of the corporation, members and stockholders shall vote by classes. Each stockholder shall have 1 vote, in person or by proxy, for each share of stock held by him, and each member shall have 1 vote,…

17:52-18. Banks and trust companies; powers Every bank and trust company organized under the laws of this State shall have power to become a member and a stockholder of a business development corporation, but a bank or trust company which is not a member of such a corporation sha…

17:52-19. Other corporations; powers Corporations of this State other than banks and trust companies may also become stockholders of a business development corporation, except in any case where the certificate of incorporation or the by-laws of such corporation forbid the ownersh…

17:52-2. Certificate of incorporation; contents A. The persons desirous of creating a business development corporation shall execute and acknowledge a certificate of incorporation stating (a) the name by which the corporation shall be known, which shall include the words "Busines…

17:52-20. Limitations on indebtedness No business development corporation shall voluntarily incur any liability or indebtedness at any time when the incurring of any such liability or indebtedness will exceed 10 times its paid-in capital stock, or $10,000,000.00, whichever is the…

17:52-21. Loans prohibited No business development corporation shall make a loan to any of its officers or directors, or to any partnership of which such an officer or director is a member, or to any corporation in which any such officer or director has a controlling interest. L.…

17:52-22. Reports A. Every business development corporation shall, not later than February 15 of each year, or within such extended period, not to exceed 45 days, as the commissioner may permit, make and file in the Department of Banking and Insurance, a report of its condition i…

17:52-23. Supervision by Commissioner of Banking and Insurance A. The Commissioner of Banking and Insurance shall, whenever and as often as he deems it necessary, cause the affairs of every business development corporation to be examined to determine whether it is conducting its …

17:52-24. Filing fees and costs of examination In administering the provisions of this act, the Commissioner of Banking and Insurance shall receive, for the use of the State, the same filing fees and costs of examination as are charged or collected from banking institutions in li…

17:52-25. Business development corporation not deemed banking institution No business development corporation shall be deemed to be a banking institution for any purpose whatsoever, nor shall any such corporation accept deposits or act in a fiduciary capacity. L.1957, c. 218, p. …

17:52-26. Applicability of act Nothing in this act shall affect or apply to any person, corporation, partnership or association which is otherwise by law authorized to exercise, or is not prohibited by law from exercising, any power or powers herein conferred upon business develo…

17:52-27. Short title This act shall be known as the Business Development Corporation Act of 1957. L.1957, c. 218, p. 763, s. 27.

17:52-3. Submission of certificate of incorporation to Commissioner of Banking and Insurance; statement The certificate of incorporation shall be submitted to the Commissioner of Banking and Insurance within 60 days after its execution, together with a statement, certified as her…

17:52-4. Certification of statement The statement submitted pursuant to section 3 of this act shall be signed and certified by any 2 of the incorporators, and shall state that the contents thereof, insofar as they relate to matters within the knowledge of the signers, are true; a…

17:52-5. Application for charter The submission of the certificate of incorporation and the certified statement pursuant to sections 3 and 4 of this act shall constitute the application for a charter under this act. L.1957, c. 218, p. 755, s. 5.

17:52-6. Designation of time and place of hearing; notice If the Commissioner of Banking and Insurance shall find that the certificate of incorporation and the certified statement comply with the requirements of sections 3 and 4 of this act, he shall designate a time and place fo…

17:52-7. Hearing on application for commissioner At the time and place designated for the hearing, the incorporators shall file proof with the Commissioner of Banking and Insurance that the requirements, if any, for public notice of the hearing have been complied with, and the co…

17:52-8. Determination by commissioner The commissioner shall, within 90 days after the hearing, approve or disapprove the application and shall file a written memorandum of his decision in the Department of Banking and Insurance in which he shall state the reasons for his decisi…

17:52-9. Approval of application by charter; record If the commissioner shall determine, as a result of the hearing and of the independent investigation made by him (a) that the capital stock with which the corporation will commence business has been subscribed for, and that each…