34:1B-98. Purpose of company
195 words·~1 min read·
/nj/title-34/chapter-1b/34-1b-98A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
6. a. The company shall have as its purpose the making of loans and loan guarantees to small or medium-sized businesses to assist in their export activities. Such loans and loan guarantees shall include, but not be limited to, pre-export financing and working capital loans. The criteria for the making of loans and loan guarantees shall be "transaction" based, that is to say, based upon the project in question rather than upon the assets which the business receiving the loan or loan guarantee possesses.
b. The company shall also have as its purpose the providing of other export-related services as its board may from time to time approve.
c. The company shall also have as an authorized purpose the entering into agreements with financial institutions, to the extent feasible, in order to assist in the making of loans and loan guarantees by the company and in the perfecting of related matters.
d. The company shall actively solicit, to the extent feasible, the involvement of private banks, other lending institutions and the private insurance market to assist the company in the lending process and in providing the export-related services required by small or medium-sized businesses.
L.1995,c.209,s.6.