New York Codes, Rules and Regulations
Title 5 - DEPARTMENT OF ECONOMIC DEVELOPMENT
Chapter II - ECONOMIC DEVELOPMENT ZONES
Part 15 - Zone Capital Corporations
Section 15.5 - Application; approval process
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Application for formation of an empire zone capital corporation; its board of directors and management; and procedures for making, servicing and monitoring its investments, shall be made on a form prescribed by the commissioner which shall include, but not be limited to:
An Opinion of Counsel must accompany any information supplied by a proposed zone capital corporation regarding procedures for originating and servicing investments and loans and § 13.3 underwriting criteria. An affirmation of facts must accompany any information supplied in an application for purposes of securing the approvals referenced in subdivision (b) of this section.
(b) Applications shall be reviewed by the local empire zone administrative board to determine whether they are complete and meet the requirements of zone capital corporations enumerated in section 964 of the General Municipal Law. The local empire zone administrative board shall forward all applications and their approval or disapproval to the commissioner for approval or disapproval.
(c) Final approval of the formation of a zone capital corporation will be subject to receipt by the department, subsequent to its contingent approval, of the ling notice and certificate of incorporation for the proposed zone capital corporation.