Sec. 15.5. Application; approval process

(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:

(1) identification of applicant;

(2) narrative description of the geographic area the proposed zone capital corporation includes;

(3) names and resumes of proposed zone capital corporation board of directors, management, and investment committee;

(4) proposed articles of incorporation and proposed bylaws for the zone capital corporation;

(5) proposed zone capital corporation management plan; and

(6) description of proposed investment procedures, including:

(i) procedures for originating and servicing investments and loans;

(ii) procedures for ensuring meaningful participation by women and minority owned businesses and locally owned businesses; and

(iii) underwriting criteria.

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 filing notice and certificate of incorporation for the proposed zone capital corporation.