116S.01 DEFINITIONS. Subdivision 1. Applicability. The definitions in this section apply to this chapter. Subd. 2. Board. “Board” means the Board of Directors of Minnesota Business Finance, Inc. Subd. 3. Corporation. “Corporation” means Minnesota Business Finance, Inc. History: 1993 c 177 s 2
116S.02 CORPORATION; MEMBERS; BOARD OF DIRECTORS; POWERS. Subdivision 1. Public corporation. Minnesota Business Finance, Inc. is a public corporation of the state and is not subject to the laws governing a state agency except as provided in this chapter. The business of the corporation must be conducted under the name “Minnesota Business Finance, Inc.” Subd. […]
116S.03 CORPORATE PERSONNEL. Subdivision 1. Generally. The board shall appoint and set the compensation for the executive director, who serves as chief executive officer of the corporation. The executive director’s compensation may not exceed 95 percent of the salary of the governor set under section 15A.082. The board may designate the executive director as its […]
116S.04 POWERS OF CORPORATION. Subdivision 1. General corporate powers. (a) The corporation has the powers granted to a nonprofit corporation by section 317A.161, except as otherwise provided in this chapter. (b) Except as specified in section 116S.02, subdivision 10, the state is not liable for the obligations of the corporation. (c) Section 317A.161 applies to […]
116S.05 REGISTERED NAME. Notwithstanding section 317A.115, the secretary of state shall register the name “Minnesota Business Finance, Inc.” on behalf of the corporation. History: 1993 c 177 s 6
116S.06 MINNESOTA BUSINESS FINANCE ACCOUNT. The Minnesota business finance account is an account in the special revenue fund. Money in the account not needed for the immediate purposes of the corporation may be invested by the state Board of Investment in any way authorized by section 11A.24. Money in the account is appropriated to the […]
116S.07 AUDITS. The corporation is subject to the auditing requirements of sections 3.971 and 3.972. History: 1993 c 177 s 8
116S.08 ANNUAL REPORTS. The board shall submit annual reports to the chairs of the Committee on Commerce and Economic Development of the house of representatives and the Committee on Jobs, Energy and Community Development of the senate and to the Small Business Administration on the activities of the corporation. The board shall supply more frequent […]
116S.09 DISSOLUTION. In the event of dissolution of the corporation for any reason, the state, upon action by the governor, and after consultation with the Legislative Advisory Commission, may require the liquidation of all holdings and investments and the return of the proceeds of that liquidation and any wholly owned assets of the corporation to […]
116S.10 SUCCESSOR STATUS. (a) Minnesota Business Finance, Inc. is the legal successor in all respects of Opportunities Minnesota Incorporated established under section 116J.985, and all assets and liabilities are transferred to it. The board of directors shall promptly upon appointment amend the relevant documents and file them with the secretary of state. (b) The balance […]
116S.11 RELATIONSHIP TO OTHER CERTIFIED DEVELOPMENT COMPANIES. The corporation must refer all Small Business Administration 504 projects to a local certified development company if a local certified development company serves the area where the project is located. If the local certified development company is unable to assist a business it must inform the business that […]
