2006 New York Code - Purposes, Powers And Operation.

 
    § 212.  Purposes,  powers  and  operation. 1. (a) The purposes of such
  corporation shall be to assist,  promote,  encourage  and,  through  the
  cooperative  efforts  of  the institutions and corporations which shall,
  from time to time, become  members  thereof,  develop  and  advance  the
  business  prosperity and economic welfare of the state; to encourage and
  assist in the location of new business and industry in the state and  to
  rehabilitate and retain existing business and industry; to stimulate and
  assist  in  the  expansion  of all kinds of business activity which will
  tend to promote the  business  development  and  maintain  the  economic
  stability  of  the state, provided maximum opportunities for employment,
  encourage thrift and improve the standard of living of the  citizens  of
  the state; to cooperate and act in conjunction with other organizations,
  public   or  private,  the  objects  of  which  are  the  promotion  and
  advancement of industrial,  commercial,  agricultural  and  recreational
  developments  in  the state; to furnish money and credit to approved and
  deserving applicants, for the promotion, development and conduct of  all
  kinds  of  business activity in the state, thereby establishing a source
  of credit not otherwise readily  available;  and  to  provide  financial
  assistance  in  the  form  of loans to small businesses unable to obtain
  financing from other private sources, including,  but  not  limited  to,
  assistance  to  women  and minority-owned business enterprises and small
  businesses located in economically distressed areas. For the purposes of
  this  article,  "economically  distressed  areas"   shall   mean   areas
  determined by the commissioner of the department of economic development
  on  the  basis  of  criteria  indicative of economic distress, including
  poverty  rates,  numbers  of  persons   receiving   public   assistance,
  unemployment rates, rate of employment decline, population loss, rate of
  per  capita  income  change,  decline  in  economic activity and private
  investment,  and  such  other  indicators  as  the  commissioner   deems
  appropriate.   Economically   distressed   areas   may  include  cities,
  municipalities, block numbering areas, and census tracts.
    (b)  The  corporation  shall  undertake  the  following  programs   in
  furtherance  of  the above objectives: (i) establish regional offices at
  locations throughout New  York,  with  sufficient  staffing  to  advise,
  develop  and  package  financial  assistance  for small and medium sized
  businesses; (ii) develop a comprehensive outreach  program  to  increase
  the  visibility  and  awareness of the corporation's programs, including
  allocating budget and staff to establish and maintain an aggressive  and
  extensive  marketing  program of the corporation's program of assistance
  to small and medium sized businesses, providing for specific outreach to
  minority and women owned  enterprises,  and  entering  into  cooperative
  relationships   with  local  chambers  of  commerce,  local  development
  agencies, local  development  corporations  and  other  community  based
  financial  intermediaries  as  set  forth  in  subdivision three of this
  section; (iii) establish and operate, or affiliate with a small business
  investment company and a specialized small business investment  company;
  and  (iv)  establish  a  pilot export financing program, using personnel
  from the private sector, to evaluate whether the corporation can play  a
  significant  role in the growth of the export industry in the state. The
  corporation shall undertake the programs enumerated herein at such times
  as its board of directors determines that the corporation's capital base
  and available funds are  adequate  to  support  the  operation  of  such
  program.   The  programs  enumerated  herein  may  be  modified  by  the
  corporation as may be necessary  to  meet  the  changing  needs  of  the
  state's economy, as determined by the board of directors.
    2. In furtherance of the purposes set forth in subdivision one of this
  section,  and  in addition to the powers conferred on stock corporations
  by general laws, such corporation shall, subject to the restrictions and
  limitations contained in this article, have the following powers:
    (a)  To  borrow  money and otherwise incur indebtedness for any of its
  purposes; to issue its bonds, debentures, notes or  other  evidences  of
  indebtedness,  whether secured or unsecured, therefor; and to secure the
  same by mortgage, pledge, deed of trust or other lien on  its  property,
  franchises,  rights  and privileges of every kind and nature or any part
  thereof.
    (b) To assist, promote, encourage and through the cooperative  efforts
  of  the  institutions  and  corporations which shall, from time to time,
  become members thereof, develop and advance the business prosperity  and
  economic  welfare  of the state; to encourage and assist in the location
  of new business and industry in the state and to  rehabilitate  existing
  business  and industry; to evaluate, assess and determine the value of a
  patent right and to take, sell or transfer an agreement or note pursuant
  to section five hundred fifty of the general business law, to lend money
  to, and to guarantee, endorse, or act as surety  on  the  bonds,  notes,
  contracts, or other obligations of, or otherwise assist financially, any
  person,  firm, corporation or association, and to establish and regulate
  the terms and conditions with respect to any  such  loans  or  financial
  assistance and the charges for interest and service connected therewith;
  provided,  however,  that  it  shall not be the intention hereof to take
  from banking organizations any such  loans  or  commitments  as  may  be
  desired  by such organizations generally in the ordinary course of their
  business.
    (c) To purchase, receive, hold, lease, or otherwise  acquire,  and  to
  sell,  convey,  mortgage,  lease,  pledge, or otherwise dispose of, upon
  such terms and conditions as its board of directors may deem  advisable,
  real  and personal property, together with such rights and privileges as
  may  be  incidental  and  appurtenant  thereto  and  the  use   thereof,
  including, but not restricted to, any real or personal property acquired
  by  such  corporation  from time to time in the satisfaction of debts or
  enforcement of obligations.
    (d) To acquire the good will,  business,  rights,  real  and  personal
  property  and other assets, or any part thereof, of such persons, firms,
  corporations, joint stock companies, associations or trusts as may be in
  furtherance of the corporate purposes provided herein,  and  to  assume,
  undertake,  guarantee  or  pay the obligations, debts and liabilities of
  any such person, firm, corporation, joint stock company, association  or
  trust;  to acquire improved or unimproved real estate for the purpose of
  constructing industrial plants or other business establishments  thereon
  or  for  the  purpose of disposing of such real estate to others for the
  construction of industrial plants or other business establishments, and,
  in furtherance of the corporate purposes provided  herein,  to  acquire,
  construct,  or  reconstruct,  alter,  repair,  maintain,  operate, sell,
  lease,  or  otherwise  dispose  of   industrial   plants   or   business
  establishments.
    (e)  To  acquire,  subscribe  for,  own, hold, sell, assign, transfer,
  mortgage, pledge or otherwise  dispose  of  the  stock,  shares,  bonds,
  debentures,  notes  or other securities and evidences of interest in, or
  indebtedness of, any person, firm,  corporation,  joint  stock  company,
  association or trust, and while the owner or holder thereof, to exercise
  all  the rights, powers and privileges of ownership, including the right
  to vote thereon.
    (f) To cooperate with and avail itself of the facilities of the  state
  department  of  commerce  and  any  other  government  agencies;  and to
  cooperate with and assist, and otherwise encourage, local  organizations
  in the various communities in the state in the promotion, assistance and
  development  of  the  business  prosperity  and economic welfare of such
  communities and of the state.
    (g)  (1)  To  acquire  a  patent  right or any part thereof, from such
  persons, firms, corporations, joint  stock  companies,  associations  or
  trusts  as  may  be  in  furtherance  of the corporate purposes provided
  herein; (2) to assume, undertake,  guarantee  or  pay  the  obligations,
  debts and liabilities of any such person, firm, corporation, joint stock
  company,  association  or  trust; (3) to set forth specific criteria and
  standards by which the corporation shall evaluate  the  patent  and  the
  value  of  patent  rights  evolving  from  that patent; and (4) to allow
  ownership of the patent to remain with the  borrower  and  to  accept  a
  percentage  of  the  patent  rights  as collateral on a loan for capital
  formation of a business.
    (h) With respect to funds administered by the corporation,  to  obtain
  loan  guarantees  from  any  state or federal program to guarantee loans
  made to small businesses by the corporation with such funds.
    3. The corporation may contract  or  otherwise  affiliate  with  local
  development  corporations  and  other  local  development  organizations
  certified for this purpose by the  commissioner  of  the  department  of
  economic  development  throughout  the state, including, but not limited
  to, not-for-profit corporations established pursuant to article nine  of
  the  economic development law, to market the programs of the corporation
  to small and medium sized businesses, to  provide  technical,  financial
  packaging  and  loan  application  assistance to business owners seeking
  financial assistance from the corporation, including but not limited  to
  minority   owned   business  enterprises  and  small  and  medium  sized
  businesses located in economically distressed areas.