New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENT
Subtitle A - Governor's Office
Chapter I - Executive Orders
Part 4 - Executive Orders (Mario M. Cuomo)
Section 4.49 - Executive Order No. 49: Establishing a Temporary Task Force on the New York Business Development Corporation. [*] [DAGGER]
Current through Register Vol. 46, No. 39, September 25, 2024
WHEREAS, the New York Business Development Corporation was created in 1955 to serve as a vehicle to place private investment capital with business enterprises located in the State when the capital needs of those business enterprises are beyond the limitations of conventional bank financing; and
WHEREAS, the financial needs of New York's businesses have changed dramatically since the creation of the New York Business Development Corporation; and
WHEREAS, it is anticipated that the New York Business Development Corporation will continue to serve as a vehicle to enhance the economic development of the State;
NOW, THEREFORE, I, Mario M. Cuomo, Governor of the State of New York, by virtue of the authority vested in me by the Constitution and laws of the State of New York, do hereby create a Temporary Task Force on the New York Business Development Corporation. The Task Force shall consist of 18 members to be appointed by the Governor as follows:
the Chairman of the New York Business Development Corporation, who shall serve as Chairman of the Task Force;
five other members nominated by the Chairman, who shall be representative of stockholders of the Business Development Corporation, and New York commercial banks, thrift institutions, insurance companies, and the economic development community;
one person nominated by the Speaker of the Assembly;
one person nominated by the Temporary President of the Senate;
one person nominated by the Minority Leader of the Assembly;
one person nominated by the Minority Leader of the Senate;
the Commissioner of Commerce;
the Superintendent of Banks;
the Superintendent of Insurance; and
five other persons selected by the Governor, who shall include representatives of small businesses, businesses owned by women, and businesses owned by members of minority groups.
The members of the Task Force shall receive no compensation but shall be entitled to reimbursement for any necessary expenses incurred in connection with the performance of their duties.
The Task Force shall review and evaluate the mission and resources of the New York Business Development Corporation and shall issue an interim report by December 15, 1984 and a final report no later than February 1, 1985, both of which are to be delivered to the Governor, the Legislature, and the Board of Directors of the New York Business Development Corporation. Such reports shall address, but shall not be limited to, the following:
(i) a review of the New York Business Development Corporation's utilization of capital, resources and authority, lending practices, including those affecting businesses owned by women and members of minority groups, methods to enhance the size and composition of its capital structure and methods to support growth in its loan portfolio; particular consideration shall be given to identification of possible sources of long-term financing and fixed-rate financing;
(ii) the human and financial resources available to the New York Business Development Corporation to foster and encourage its growth, particularly in the fields of export financing, and assistance to businesses owned by women and members of minority groups;
(iii) methods and means by which the New York Business Development Corporation could increase the number of stockholders and the equity capital provided therefrom, and the number of New York Business Development Corporation members and the debt capital provided therefrom; and
(iv) methods and means to promote awareness in the business community and the public sector of the mission, resources and activities of the New York Business Development Corporation.
The Task Force may request and shall receive from any department, division, board, bureau, commission or agency of the State such assistance and data as will enable it properly to carry out its powers and responsibilities hereunder.
The Task Force shall cease to exist on July 1, 1985.
Signed: Mario M. Cuomo
Dated: October 10, 1984
Footnotes
* [Revoked by Executive Order No. 31 (George E. Pataki), infra.]
[DAGGER] [Revoked by Executive Order No. 5 (Eliot Spitzer), infra.] [Revoked by Executive Order No. 9 (David A. Paterson), infra.] [Revoked by Executive Order No. 2 (Andrew M. Cuomo), infra.]
