Section 58-29-4 - Small business investment corporation created; powers of the corporation.
58-29-4. Small business investment corporation created; powers of the corporation.
A. The "small business investment corporation" is created as a nonprofit, independent, public corporation. The corporation may:
(1) sue and be sued in all actions arising out of any act or omission in connection with its business or affairs;
(2) enter into any contracts or obligations relating to the corporation that are authorized or permitted by law;
(3) cooperate with small business development centers, regional economic development districts and parties that have demonstrated abilities and relationships in providing financial services to new and emerging businesses;
(4) make investments that consider the enhancement of economic development objectives of the state as described in the Small Business Investment Act [58-29-1 NMSA 1978]; and
(5) make, alter or repeal such rules with respect to the corporation's operations as are necessary to carry out its functions and duties in the administration of the Small Business Investment Act.
B. The corporation shall not be considered a state agency for any purpose. The corporation is exempted from the provisions of the Personnel Act [10-9-1 NMSA 1978] and the Procurement Code [13-1-28 NMSA 1978].
C. Except as provided in the Tort Claims Act [41-4-1 NMSA 1978], the state shall not be liable for any obligations incurred by the corporation.