32-11-101. Short title

32-11-101. Short title. This chapter may be cited as the “Business and Industrial Development Corporation Act”. History: En. Sec. 1, Ch. 411, L. 2007.

32-11-102. Definitions

32-11-102. Definitions. In this chapter, unless the context requires otherwise, the following definitions apply: (1) ”Affiliate”, if used with respect to a nonnatural person, means a person who controls the nonnatural person, who is controlled by the nonnatural person, or who is controlled by a person who also controls the nonnatural person. (2) ”Associate”, if used with respect […]

32-11-103. Purposes

32-11-103. Purposes. The purposes of this chapter are to: (1) promote economic development by encouraging the formation of one or more BIDCOs to help meet the financing assistance and management assistance needs of businesses in the state; (2) establish a system of licensing, regulation, and enforcement to enable a BIDCO to satisfy the eligibility requirements for participating in […]

32-11-104. Meetings of directors and shareholders called by department

32-11-104. Meetings of directors and shareholders called by department. (1) If the department considers it expedient, the department may call a meeting of the board of directors or of the shareholders of a licensee. (2) The department shall send notification of the time, place, and purpose of the meeting not less than 5 days before the meeting […]

32-11-105. Administration — rules — orders — declaratory rulings — judicial review

32-11-105. Administration — rules — orders — declaratory rulings — judicial review. (1) The department shall administer this chapter. The department may issue orders and may adopt rules that, in the opinion of the department, are necessary to execute, enforce, and achieve the purposes of this chapter. (2) When the department issues an order or license under […]

32-11-106. Authority of department

32-11-106. Authority of department. The provisions of this chapter relating to conflicts of interest do not limit the authority of the department to determine that an act involves a conflict of interest and is therefore an unsafe or unsound act. History: En. Sec. 55, Ch. 411, L. 2007.

32-11-107. Confidentiality

32-11-107. Confidentiality. (1) The director and other employees of the department may not disclose information acquired by them in the discharge of their duties under this chapter except to the extent that disclosure of the information is required by law, other than the public records provisions of 2-6-1003, or is required by court order. (2) Notwithstanding subsection […]

32-11-108. Application of law under which licensee incorporated

32-11-108. Application of law under which licensee incorporated. Except as otherwise provided in this section, the provisions of the law under which a licensee is incorporated apply to the licensee. If a provision of the licensee’s incorporating law conflicts with a provision of this chapter, this chapter controls. History: En. Sec. 52, Ch. 411, L. 2007.