§ 17-11-103 — Incorporation; profit or nonprofit corporation; articles of incorporation generally

Wyoming § 17-11-103

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 11: INDUSTRIAL CORPORATIONS

Text

(a) Fifteen (15) or more persons, a majority of whom shall
be residents of this state, may form an industrial development
corporation under the provisions of this act, by filing in the
office of the secretary of state articles of incorporation.
(b) The corporation may be formed as a nonprofit
corporation in which event it shall be subject to and governed
by the provisions of W.S. 17-19-101 through 17-19-1807, not in
conflict with or inconsistent with the provisions of this act,
or the corporation may be formed for profit in which event it
shall be subject to and governed by the provisions of the
Wyoming Business Corporation Act not in conflict with or
inconsistent with the provisions of this act.
(c) The articles of incorporation shall contain:
(i) The name of the corporation which shall include
the words "Industrial Development Corporation of Wyoming";
(ii) A statement as to whether the corporation is
formed as a nonprofit corporation or for profit;
(iii) The purposes for which the corporation is
founded, which shall be to promote, stimulate, develop and
advance the business prosperity and economic welfare of Wyoming
and its citizens; to encourage and assist through loans,
investments or other business transactions in the location of
new business and industry in this state and to rehabilitate and
assist 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 this state, provide maximum opportunities
for employment, and improve the standard of living of the
citizens of this state; similarly, to cooperate and act in
conjunction with other organizations, public or private, in the
promotion and advancement of industrial, commercial,
agricultural, and recreational developments in this state; and
to provide financing for the promotion, development, and conduct
of all kinds of business activity in this state. The purposes
for which the corporation is formed may also include the
rendering of service to industry by providing feasibility,
product, production and market analyses, patent advice,
technological information, research and development assistance,
financial availability counseling, management counseling, and
any other information, assistance or facilities required for the
creation of new industry, to further the expansion of existing
industry, or to induce industry to locate in the state;
(iv) The total number of directors, their terms, and
the method of their election;
(v) If the corporation is a nonprofit corporation, a
provision that the assets on dissolution, and any distributions
of earnings or assets prior to dissolution, shall be made only
to a charitable or educational organization or institution;
(vi) The information required by W.S. 17-19-202, if
the corporation is formed on a nonprofit basis and the
information required by W.S. 17-16-202, if the corporation is
formed for profit.
(d) The articles of incorporation shall be subscribed and
acknowledged by not less than five (5) persons.
(e) The articles of incorporation shall recite that the
corporation is organized under the provisions of this act.
(f) The secretary of state shall not approve the articles
of incorporation for a corporation organized under this act
until a total of at least ten (10) national banks, state banks,
savings banks, industrial savings banks, federal savings and
loan associations, domestic building and loan associations, or
insurance companies authorized to do business within this state,
or any combination thereof, have agreed in writing to become
members of said corporation, which agreement shall be filed with
the secretary of state with the articles of incorporation and
the filing of same shall be a condition precedent to the
approval of the articles of incorporation by the secretary of
state. Whenever the articles of incorporation shall have been
filed in the office of the secretary of state and approved by
him, and all filing fees and taxes have been paid, the
subscribers, their successors and assigns shall constitute a
corporation, and said corporation shall then be authorized to
commence business.