9-7-125. Subsidiary corporation; economic development loans.
(a) The authority may charter a subsidiary corporation for the purpose of managing or originating economic development loans subject to the following conditions:
(i) The directors of the authority shall also be directors of the subsidiary corporation and are entitled to the same compensation and expenses for such service as provided by W.S. 9-7-104(b) so long as the services do not occur on the same day;
(ii) The subsidiary corporation shall not take equity positions through stock ownership in any corporation or association;
(iii) The subsidiary corporation is subject to the audit requirements of W.S. 9-7-116 and the financial supervision requirements of W.S. 9-7-105(b);
(iv) The subsidiary corporation shall not acquire or originate any economic development loans on and after the effective date of this act;
(v) This section is retroactive and prospective in its application.
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