Title UDG, Urban development guarantee fund of New York 175/68

Chapter 175 of the laws of 1968\n Urban development guarantee fund of N.Y.\n Section 1. Short title. This act shall be known and may be cited as\nthe "Urban development guarantee fund of New York act".\n

§ 10. Loan guarantee premium. The fund is authorized but not required\nto fix premiums for the guarantee of loan repayments under the\nprovisions of this act, such premiums to be computed as a percentage,\nwhich shall not exceed one percentum per annum on that portion of the\npr…

§ 11. Expenses of the fund. The fund may in its discretion expend such\nmonies as may be necessary for any of its expenses, including\nadministrative, legal, actuarial and other services.\n

§ 12. Obligations eligible for investment. Obligations guaranteed by\nthe fund under this act and participations therein are hereby made legal\ninvestments for all insurance companies, trust companies, banks,\ninvestment companies, savings banks, building and loan associations,\…

§ 13. Contracts of guarantee; waivers. (a) The fund shall arrange by\ncontract with the lending institution or the borrower or both to\nsafeguard the interest of the fund in the event of default by the\nborrower, including, at the discretion of the fund, provision for notice\nto…

§ 14. Interest of directors of the fund. No director of the fund shall\nparticipate in any decision on any contract of guarantee in which he has\nany interest, direct or indirect, in the lending institution or borrower\nas set forth herein.\n

§ 15. Limitation of liability. Neither the directors nor any officer\nor employee of the fund, while acting within the scope of his authority,\nshall be subject to any personal liability resulting from the activities\nof the fund.\n

§ 16. Designation and service of process on secretary of state and\nregistered agent. The directors of the fund shall file with the\nsecretary of state a certificate setting forth the street address and\nthe city and county in which the principal office of the fund is located\nw…

§ 17. Inconsistent provisions of other laws superseded. Insofar as the\nprovisions of this act are inconsistent with the provisions of any other\nlaw, general, special or local, the provisions of this act shall be\ncontrolling.\n

§ 18. Construction. This act, being necessary for the welfare of the\nState and its inhabitants, shall be liberally construed so as to\neffectuate its purposes.\n

§ 19. Separability. If any clause, sentence, paragraph, section or\npart of this act shall be adjudged by any court of competent\njurisdiction to be invalid, such judgment shall not affect, impair, or\ninvalidate the remainder thereof, but shall be confined in its operation\nto …

§ 2. Statement of legislative findings and purposes. The legislature\nhereby finds that in certain urban areas of our state the growth of\nsmall business is impeded by the unavailability of reasonable credit for\nbuildings, equipment, credit for inventory and working capital. Th…

§ 20. Operative date of the fund. No loan guarantee shall be made by\nthe fund until there has been credited to the loan guarantee fund the\nsum of two hundred thousand dollars.\n

§ 3. Definitions. 1. "Small business" shall mean a business located in\nan area having one or more of the characteristics described in section\ntwo which is unable to obtain adequate financing to maintain a\nstabilized work force or increase job opportunities by virtue of (a) it…

§ 4. Urban development guarantee fund of New York. 1. There is hereby\ncreated a non-profit corporation which shall be known as the "Urban\nDevelopment Guarantee Fund of New York." Except as otherwise provided in\nthis act, the fund shall have all the powers, privileges and immu…

§ 5. Powers and limitations. 1. In addition to the powers granted by\nthe business corporation law and except as otherwise provided by this\nact, the fund shall have power to:\n (a) Guarantee loan repayments to a lending institution that has\nprovided the funding for a small bus…

§ 6. Loan guarantee fund. The fund shall establish a loan guarantee\nfund. The loan guarantee fund shall be a non-lapsing, revolving fund to\nbe used for the purpose of carrying out the provisions of this act. To\nsuch loan guarantee fund shall be charged payments required by lo…

§ 7. Operation and maintenance fund. The fund shall establish an\noperation and maintenance fund, to which shall be charged any and all\noperating expenses of the fund, including but not limited to, salaries,\nwages, rents, utility charges, office supplies and equipment, and to\…

§ 8. Guarantee of loans. (a) The fund is authorized to guarantee\nrepayments of a loan made by a lending institution to provide funding\nfor small business or housing project as defined herein, not to exceed\neighty per centum of the principal amount of the obligation, upon such…

§ 9. Conditions for guarantee. In order for a loan to be guaranteed\nunder the provisions of this act, the loan to be guaranteed must be\nexecuted by a borrower to whom credit is not reasonably available, and\nin the case of a borrower undertaking a housing project, provide\nfin…