Idaho State Statutes - Idaho Attorney Directory

The purposes of this chapter are to:
(1) Promote economic development by encouraging the formation of business
and industrial development corporations, a new type of private institution, to
help meet the financing assistance and management assistance needs of business
firms.
(2) Provide for a system of licensing, regulation, and enforcement that
will enable business and industrial development corporations to satisfy
eligibility requirements to participate, if they so choose, in the program of
the small business administration pursuant to section 7(a) of the small
business act, Public Law 85-536, 15 U.S.C. section 636(a), and other programs
for which they may be eligible.
(3) Provide for a system of licensing, regulation, and enforcement
designed to prevent fraud, conflict of interest, and mismanagement, and to
promote competent management, accurate recordkeeping, and appropriate
communication with shareholders in order to provide the following:
(a) Comfort to prospective shareholders in order to facilitate equity
investments in business and industrial development corporations;
(b) Comfort to prospective debt sources in order to facilitate the
borrowing of money by business and industrial development corporations;
and
(c) Protection of the general reputation of business and industrial
development corporations as a type of institution in order to increase the
confidence of prospective equity investors in and prospective debt sources
for those institutions.
It is hereby further declared that all of the foregoing are public purposes
and uses for which public moneys may be expended or granted and that such
activities are governmental functions and serve a public purpose in improving
or otherwise benefiting the people of this state; that the necessity of
enacting the provisions hereinafter set forth is in the public interest and is
hereby so declared as a matter of express legislative determination.

Click here to visit the Official Idaho State Statutes