A business development corporation shall comply with the requirements of the Business Development Corporation Act, NMSA 1978 Sections 53-7-18 through 53-7-46.

1. A. Filing requirements. A business development corporation shall file all documents required by this section in compliance with 12.3.1 NMAC, General Provisions, and pay all filing fees required by NMSA 1978 Section 53-2-1.

2. B. Documents required.

   (1) Articles of incorporation. Stockholders and members shall file articles of incorporation that meet the requirements for incorporation in NMSA 1978 Section 53-7-23. The corporation may amend the articles by complying with NMSA 1978 Sections 53-7-35 and 53-7-36.

   (2) Reports. A business development corporation shall file annual reports on its general financial condition with the director of the financial institutions division of the regulation and licensing department and the commission, pursuant to NMSA 1978 Section 53-7-39.

3. C. Dissolution. Upon following dissolution requirements of NMSA 1978 Section 53-7-42, the corporation may petition the director of the financial institutions division of the regulation and licensing department for its dissolution. If the director of the financial institutions division of the regulation and licensing department approves the petition, the corporation may file with the commission documentation approving the petition.

[12.3.4.8 NMAC - N, 7-15-05]