Mississippi § 57-10-111 - General powers and duties of committee.

§ 57-10-111. General powers and duties of committee.

The committee is authorized and empowered to prepare and promulgate reasonable rules, regulations and policies for applications for loans, credit instruments, and any and all other forms, rules, policies, regulations or procedures desirable in order to carry out the provisions of this article. The committee shall determine the amount of the guaranty fee to be paid under the provisions of this article, subject to the limitations set forth in Section 57-10-115. Such guaranty fee payments shall be deposited in the guaranty fee fund. It shall also be the duty of the committee to formulate the policies to be administered by the manager under the provisions of this article. The function of the committee shall be that of policy-making and the functions of the manager shall be administrative. In addition to the power and authority granted herein, the committee is hereby authorized to use any available funds in the small businessman’s loan fund or the guaranty fee fund to be used for any authorized and legal purposes as contained in Sections 57-10-1 through 57-10-41, irrespective and notwithstanding any limitations, restrictions or other provisions of this article. It is the intent of this section and the 1982 and 1983 amendments to Article 1 and Article 3 of this chapter, that the small businessman’s loan program and the Mississippi Economic Development Corporation program shall pool and combine the resources and efforts of each to make them more readily available to the needs of the small businessmen and women of this state. However, in the event a loan is made to the Mississippi Economic Development Corporation or its successor, the maximum liability limit as expressed in Sections 57-10-115(3) and 57-10-133 shall automatically be reduced by an amount equal to five (5) times the amount of the loan. The committee is hereby authorized and empowered to establish and put in effect reasonable terms and conditions on any and all such transfers to the corporation regarding repayment of any transfers and security therefor, if applicable, default provisions and annual reporting on the status of any transfer.