New Jersey § 34:1b-96

§ 34:1b-96.

The authority is authorized, notwithstanding any law to the contrary, to invest such

moneys from the “Economic Recovery Fund,” established pursuant to section 3 of P.L.1992, c. 16 ( C.34:1B-7.12 ), or from other export or business assistance programs administered by the authority,

as may be available and which the authority deems appropriate for the purposes of

this act, in an export financing company, hereinafter “the company,” to be incorporated

or organized pursuant to the provisions of this act, which, together with those investments

which may be made in the stock or interest of the company by other public entities

involved in international export markets that may include, but not necessarily be

limited to, the Delaware River Port Authority and the Port Authority of New York and

New Jersey, shall be at a minimum amount to be determined by the authority . The moneys shall be used for the purchase of stock or an interest in the company,

provided that the class of stock or interest purchased by the authority and other

public entities shall be of such type and character as to require the company to repay

the investment of funds from the authority and other public entities prior to the

repayment of funds from private sources, but in no event shall the amount of such

stock or interest purchased by the authority and other public entities exceed 49%

of the total outstanding stock or total shared interest of the company. The authority is authorized in its discretion to sell or otherwise dispose of the

stock or interest purchased by the authority as shall be in the interest of the authority

but the authority shall sell or otherwise dispose of the stock or interest no later

than three years after the date of purchase. Nothing in this act shall be construed to preclude the company from being organized

as a limited liability company or to preclude the authority and other public entities

involved in international export markets from purchasing an interest in such a limited

liability company provided that the interest purchased by the authority and other

public entities shall not exceed 49 percent of the total shared interest of the company,

and provided that the operating agreement of the company grants the authority and

any other public entity the right to resign and receive a distribution, representing

the fair value of the authority's or public entity's interest in the company, prior

to the resignation of and distribution to any private members.