§ 214 — Committees

New York § 214

• Jurisdiction: New York
• Law BNK: Banking
• Art. 5-A: New York Business Development Corporation

Text

§ 214. Committees. 1. There shall be a loan committee of such\ncorporation for each of the twelve economic regions as defined in\nsection two hundred eleven of this chapter or such other regions as the\nboard of directors shall designate for this purpose. Each such\ncommittee shall include such persons as the board of directors shall\ndesignate.\n 2. The board of directors of such corporation may establish an office\nfor any such loan committee, within such committee's economic region.\n 3. Every application to such corporation for a loan or financial\nassistance shall be made through the loan committee for the economic\nregion wherein the applicant resides or maintains a regular place of\nbusiness, or directly to one of the regional offices of the corporation.\nAny such applications made to a regional office shall be promptly\nreferred to the loan committee for the economic region wherein the\napplicant resides or maintains a regular place of business. All such\napplications shall thereupon be reviewed by such regional loan committee\nand promptly transmitted by it to the central loan committee established\nby the board of directors for consideration, along with the\nrecommendations of such regional loan committee with respect thereto.\n 4. The board of directors shall have the responsibility to appoint all\nnecessary board and officer committees to provide for prudent management\nand oversight of such corportion.\n