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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 371

Effective - 28 Aug 1961 bottom

  371.180.  Limitation on lending powers. — A development finance corporation organized under the provisions of this chapter shall not lend money when credit is readily available elsewhere.  Before granting a loan, the directors of the corporation shall endeavor so far as is reasonably possible to ascertain that the first opportunity to grant the loan has been given to the banks, insurance companies and to other lending institutions of the state.

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(L. 1961 p. 157 § 21)


---- end of effective   28 Aug 1961 ----

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