Section Cdfa 302.49 - Regional development corporation"Regional development corporation" means an organization that:
(a) Is incorporated for the primary purpose of providing economic development services to an area covering at least 3 municipalities;(b) Administers a revolving loan fund;(c) Is not an agency or instrumentality of the grantee or grantees;(d) Has equal membership on its representative body available to each of the municipalities in its chartered area and elects its governing board by vote of its membership;(e) Has the power to fill vacancies which arise on its governing body with its own nominees, approved by the membership of its governing body;(f) Is not subject to requirements under which its assets revert to the grantee upon dissolution;(g) Is free to contract for goods and services from vendors of its own choosing;(h) Is registered with the New Hampshire secretary of state as a not for profit organization; and(i) Is a member of the New Hampshire Alliance of Regional Development Corporations, Inc. as of January 1, 2006.N.H. Admin. Code § Cdfa 302.49
(See Revision Note at chapter heading for Cdfa 300) #8387, eff 6-29-05; ss by #8515, eff 1-1-06