New Mexico Statutes 58-29-3. Definitions
As used in the Small Business Investment Act: A. “board” means the corporation‘s board;
Terms Used In New Mexico Statutes 58-29-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
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 business of providing business services and debt or equity capital to new and expanding businesses;
C. “corporation” means the small business investment corporation;
D. “debt investment” means direct or indirect loans or other debt obligations, the proceeds of which shall be used to:
(1) support the acquisition or development of land, buildings or infrastructure; (2) create job opportunities; or
(3) otherwise enhance the economic development objectives of the state;
E. “equity investment” means direct or indirect ownership interests in New Mexico businesses, the proceeds of which investment shall be used to:
(1) support the acquisition or development of land, buildings or infrastructure; (2) create job opportunities; or
(3) otherwise enhance the economic development objectives of the state; F. “fund” means the small business investment corporation fund;
G. “New Mexico business” means a business with its principal office and a majority of its full-time employees located in New Mexico, including a sole proprietorship, partnership, limited partnership, limited liability company or corporation; and
H. “president” means the president of the corporation.