16-13-3 - Purposes of development corporation. - Utah Statutes

16-13-3. Purposes of development corporation.
The purposes of a development corporation shall include the following:
The purposes of a development corporation shall be to assist, promote, encourage and,through the cooperative efforts of the institutions and corporations which, from time to time, shallbecome lenders thereto, to develop and advance the business prosperity and economic welfare ofthe state and its citizens; to encourage and assist in the location of new business and industry inthe state and to rehabilitate existing business and industry; to stimulate and assist in the expansionof all kinds of business activity which will tend to promote the business development andmaintain the economic stability of the state, provide maximum opportunities for employment,encourage thrift and improve the standard of living of the citizens of the state; to cooperate andact in conjunction with other organizations, public or private, the objects of which are thepromotion and advancement of industrial, commercial, agricultural and recreational developmentsin the state; to furnish either equity capital, debt capital, or both, to approved and deservingapplicants for the promotion, development and conduct of all kinds of business activity in thestate, thereby establishing a source of capital and credit not otherwise readily available for suchpurposes.

Amended by Chapter 55, 1979 General Session