34:1B-97 Qualification as export financing company.

260 words·~1 min read·/nj/title-34/chapter-1b/34-1b-97

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

5. In order to qualify as an export financing company eligible to be the subject of an investment by the authority and by the other public entities involved in international export markets, a company shall:

a. Have a board of directors or board of trustees appropriate to the form of incorporation or organization of the company consisting of:

(1)the commissioner and the chairman of the authority, who shall be members ex officio; and

(2)representatives of export trading companies, banking and other financial institutions, and other representatives of the private sector, who shall be selected by private stockholders or members, and who shall constitute the majority of the membership of the board.

b. Retain the services of an independent commercial auditor:

(1)to determine the extent to which funds made available to the company for its purposes have been expended in a manner that is consistent with the purposes of this act and the charter or operating agreement of the company; and

(2)to prepare and submit to the Legislature, the State Treasurer, the authority and the other public entities participating in the purchase of stock or an interest in the company, an independent certified statement annually containing the findings and determinations of such auditor.

c. In connection with the investment of authority moneys in the company pursuant to this act, solicit other forms of support, such as grants from the federal government or from other public and private sources, and make available its stock or a shared interest for purchase by private entities.

L.1995,c.209,s.5; amended 1999, c.38, s.4.