N.Y. Comp. Codes R. & Regs. tit. 18 § 1001.2

Current through Register Vol. 46, No. 45, November 2, 2024

Section 1001.2 - Requirements for approval

(a) The application must be complete and in proper from. It shall provide all the information essential for the fund's consideration. It shall contain a request for the fund's approval of the application for guarantee of a loan. It shall be properly executed by one or more authorized officers of the applicant.

(b) The applicant must satisfactorily demonstrate to the fund:

(1) That there is a public need for the day care center in the territory which it proposes to serve.

(2) If a nonprofit corporation, that the members of the board of directors and the officers of the corporation are of such character, experience, competence and standing as to give reasonable assurance of their ability to conduct the affairs of the corporation in its best interests and in the public interest; and further that the members of the board of directors are representative of the community to be served; and that no member of the board of directors is or shall be the executive, administrator, or an employee of the corporation.

(3) That it will have adequate finances to repay the principal and interest of the loan requested to be guaranteed and to operate the proposed day care center.

(c) The applicant must submit with the application:

(1) A certified copy of the executed original corporate certificate and of any amendments thereto or a copy certified by an attorney-at-law of the proposed corporate certificate or of amendments thereto.

(2) The rules and bylaws proposed to be used in the operation of the day care center.

N.Y. Comp. Codes R. & Regs. Tit. 18 § 1001.2