Idaho State Statutes - Idaho Attorney Directory

CORPORATE NAME -- DIRECTORS -- DIVIDENDS -- RESTRICTION ON USE
OF PUBLIC MONEYS. (1) The corporate name of each licensee may include the
phrase "Business and Industrial Development Corporation" or may include the
word "BIDCO." A licensee shall not transact business under a name other than
its corporate name.
(2) The board of directors of each licensee shall consist of not less
than seven (7) directors. The board of directors of each licensee shall hold a
meeting not less than once each calendar quarter.
(3) Within thirty (30) days after the death, resignation, or removal of a
director or officer; the election of a director; or the appointment of an
officer, the licensee shall notify the director in writing of the event and
shall provide any additional information which the director may require.
(4) A licensee shall not pay, or obligate itself to pay, a cash dividend
or dividend in kind to its shareholders, unless that payment is consistent
with a dividend policy which has been adopted by the licensee and approved by
the director. In reviewing dividend policies under this section, the director
shall be flexible in recognizing the special characteristics of BIDCOs and the
diverse range of potentially appropriate dividend policies for BIDCOs, while
at the same time protecting against unsafe or unsound acts which could
threaten the viability of the licensee as an ongoing BIDCO. The director may
at any time withdraw any previous approval of a dividend policy if the
director determines that the withdrawal is necessary to prevent unsafe or
unsound acts.
(5) Without the prior approval of the director, a licensee shall not buy
back, or obligate itself to buy back a share of stock from a shareholder.
(6) Any public moneys received by a licensee shall be applied by the
licensee solely to providing financing assistance or management assistance to
business firms with a home office in Idaho.

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