Chapter 58, Article 29 NMSA 1978 may be cited as the “Small Business Investment Act”. History: Laws 2000, ch. 97, § 3; 2003, ch. 399, § 4. ANNOTATIONS The 2003 amendment, effective April 8, 2003, substituted “Chapter 58, Article 29 NMSA 1978” for “Sections 3 through 8 of this act” at the beginning of the […]
The purposes of the Small Business Investment Act are to: A. implement the provisions of Subsection D of Section 14 of Article 9 of the constitution of New Mexico to create new job opportunities by providing capital for land, buildings or infrastructure for facilities to support new or expanding businesses; and B. otherwise make debt […]
As used in the Small Business Investment Act: A. “board” means the corporation’s board; B. “cooperative agreement” means an agreement entered into by the corporation with a party that: (1) has demonstrated the capability to provide business assistance to new and expanding businesses; and (2) is primarily engaged or proposes to primarily engage in the […]
A. The “small business investment corporation” is created as a nonprofit, independent, public corporation. The corporation may: (1) sue and be sued in all actions arising out of any act or omission in connection with its business or affairs; (2) enter into any contracts or obligations relating to the corporation that are authorized or permitted […]
A. The corporation shall be governed by the board. The corporation’s board of directors shall consist of: (1) the state treasurer or the state treasurer’s designee; and (2) six members appointed by the governor. B. Each director shall hold office for the length of the director’s term in office or until a successor is appointed […]
The corporation may: A. make equity investments in New Mexico businesses, provided that: (1) the investments are made pursuant to cooperative agreements; (2) an equity investment in any one business may not exceed ten percent of the fund; provided, however, that the restrictions of this paragraph shall not apply to equity investments in entities that […]
A. The board shall select a president of the corporation from among its members. The corporation is under the administrative control of the president or a person selected by the board to administer the operations of the corporation. The board shall periodically review and appraise the investment strategy being followed, and the president shall report […]
Annually, no later than thirty days after the delivery of its annual report to the governor and the legislative finance committee, the corporation shall return to the severance tax permanent fund an amount equal to the net excess of funds held by the corporation. For purposes of this section, “net excess of funds” means the […]
