§ 5-28-18-13 — Establishment of local opportunity pool; requirements of articles of incorporation or bylaws

Indiana § 5-28-18-13

• Jurisdiction: Indiana
• Title 5: STATE AND LOCAL ADMINISTRATION
• Art. 28: INDIANA ECONOMIC DEVELOPMENT
• Ch. 18: Small Business Development Fund

Text

(a) A local opportunity pool may be
established only by a nonprofit corporation or a for-profit corporation
established for that purpose. A political subdivision may participate in
the establishment of such a corporation but may not be the sole
member of the corporation.
(b) The articles of incorporation or bylaws of a corporation
described in subsection (a), as appropriate, must provide the following:
(1) The exclusive purpose of the corporation described in
subsection (a) is to establish a local opportunity pool to:
(A) attract sources of funding other than private equity
investment to provide grants, loans, and loan guarantees for the
establishment or operation of nontraditional entrepreneurial
endeavors in Indiana; and
(B) enter into financing agreements that seek the return of the
principal amounts advanced by the pool, with the potential for
a greater return.
(2) The board of directors of the corporation described in
subsection (a) must include:
(A) persons who are actively engaged in Indiana in private
enterprise, organized labor, or state or local governmental
agencies and who are qualified by professional background and
business experience to make sound financial and investment
decisions in the private sector; and
(B) representatives of nontraditional entrepreneurs.
(3) The corporation described in subsection (a) may receive funds
from:
(A) philanthropic foundations;
(B) grants and loans from local units of government;
(C) grants and loans from the federal government;
(D) donations;
(E) bequests; and
(F) loans from the fund.

Legislative History

As added by P.L.4-2005, SEC.34.