New Mexico Statutes 58-29-4. Small business investment corporation created; powers of the corporation
A. The “small business investment corporation” is created as a nonprofit, independent, public corporation. The corporation may:
Terms Used In New Mexico Statutes 58-29-4
- 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.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(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 by law;
(3) cooperate with small business development centers, regional economic development districts and parties that have demonstrated abilities and relationships in providing financial services to new and emerging businesses;
(4) make investments that consider the enhancement of economic development objectives of the state as described in the Small Business Investment Act; and
(5) make, alter or repeal such rules with respect to the corporation’s operations as are necessary to carry out its functions and duties in the administration of the Small Business Investment Act.
B. The corporation shall not be considered a state agency for any purpose. The corporation is exempted from the provisions of the Personnel Act [N.M. Stat. Ann. Chapter 10, Article 9] and the Procurement Code N.M. Stat. Ann. § 13-1-28 to 13-1-199.
C. Except as provided in the Tort Claims Act N.M. Stat. Ann. § 41-4-1 to 41-4-27, the state shall not be liable for any obligations incurred by the corporation.