162-A:3 Authority Created.

There is hereby created the business finance authority, formerly operating and known as the industrial development authority, which shall be a body corporate and politic having a distinct legal existence separate from the state and not constituting a department of state government having the powers and jurisdiction enumerated in this chapter and such other and additional powers as shall be conferred upon it by the legislature. The authority is hereby deemed to be a public instrumentality and the exercise by the authority of the powers conferred upon it by the legislature shall be deemed and held to be the performance of public and essential governmental functions of the state.