47-10-6. Purchase and sale of property. Subject to §47-10-2, any business development credit corporation shall have the power to purchase, hold, lease, and otherwise acquire and to convey such real and personal estate as it may acquire in the satisfaction of debts, or pursuant to the terms and conditions of loans, or which it acquires […]
47-10-7. Promotion of local development corporations. Subject to §47-10-2, any business development credit corporation shall have the power to promote the establishment of local industrial development corporations in the various communities of the state, to enter into agreements with them, and to cooperate with, assist and otherwise encourage such local foundations. Source: SL 1957, ch […]
47-10-8. Participation in federal programs. Subject to §47-10-2, any business development credit corporation shall have the power to participate with any duly authorized federal lending agency in the making of loans. Source: SL 1957, ch 314, §2; SDC Supp 1960, §55.6002 (6).
47-10-9. Lending–Duty to give first opportunity to lending institution. The corporation shall lend money only when credit is not elsewhere readily available. Before granting any loan, the board of directors or a committee thereof shall endeavor, so far as is reasonably possible, to ascertain that the first opportunity to grant such loan has been given […]
