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; 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 [Chapter 10, Article 9 NMSA 1978] and the Procurement Code [13-1-28 to 13-1-199 NMSA 1978].

C. Except as provided in the Tort Claims Act [41-4-1 to 41-4-27 NMSA 1978], the state shall not be liable for any obligations incurred by the corporation.

History: Laws 2000, ch. 97, § 6; 2001, ch. 316, § 1; 2003, ch. 399, § 7.

The 2003 amendment, effective April 8, 2003, deleted "for the purpose of creating new job opportunities by making equity investments in land, buildings or infrastructure for facilities to support new or expanding businesses" following "public corporation" near the middle of Subsection A; deleted former Paragraphs A(1) and A(2), concerning equity investments and preferred stock, and redesignated the subsequent paragraphs accordingly; added "and parties that have demonstrated abilities and relationships in providing financial services to new and emerging businesses" following "economic development districts" at the end of present Paragraph A(3); added "as described in the Small Business Investment Act; and" following "objectives of the state" at the end of present Paragraph A(4); added present Paragraph A(5); and added "Except as provided in the Tort Claims Act," preceding "the state shall not" at the beginning of Subsection C.

The 2001 amendment, effective June 15, 2001, added the language beginning "or indebtedness" to the end of Subparagraph A(1)(a) and Paragraph A(2).