Milford chronicle., 1960-05-27
Industrial Group
Is Created IN State

Falling in line with other cas-
tern states, the formation of the
Delaware Industrial Development
Foundation, Inc, was announced
this week by the Committee to Pro-
mote Delaware, Inc.
Judge Ernest ". Keith, Dover
who succeeded Lloyd R. Leslie,
Delaware Power and Light Com
pany official as committee presi-
dent, has announced the filing OF
incorporation papers.
Purpose of the Foundation is
stated in general terms, but it is
specifically set up as a non-pro-
fit organization to accept gifts, be-
quests and solicitations for the
purpose of expanding industrial IA
cilities and promoting full employ
ment for Delawareans.
/ Judge Keith will name a nomi-
mating committee next week to pre-
sent names of directors, after
which Foundation officers will be
elected.
Incorporation of the Industrial
Development Foundation, Inc. had
full approval of Governor j. Cal
eb Boggs who signed the papers
along with the twenty-one mem
bers of the Committee to Promote
Delaware, Inc. Governor Boggs
will serve as ex-officio member OF
the Board of Directors, the an
nOuncement states.
Purpose of the Foundation as
outlined in the Certificate of In
corporation is as follows:
/. The general overall purpose is
to encourage the location of in
dustry within the State of Della
ware for the employment of its cit
izens.
2. To develop the general vel
fare of the people in the State
throughout it's. three counties.
8. To extend and place upon
safe and more permanent foun.
dation the general business anC
manufacturing interests of the
state.
4. To inaugurate projects anC
programs for the expansion of in
dustry and of Investigations anC
research in science and related
subjects.
! 5. To place economic activities
on a more secure basis for great
er full-time, year-round employ
ment.
6. To promote cooperation with
in the state and in contiguous
areas and seeking to attract prop
er types of business and industry
-. To compile and distribute in
formation, to make exhibits, hOlt
meetings, conventions, seminars
institutes and exhibitions, sucl
costs to be borne by the Founda
ton, but without profit to any in
j dividual or director of the group.
s. To receive contributions, do
nations, gifts, grants, devises an,
bequests, including personal OF
real property which would be con
verted into certificates of deben
lures, bearing interest at not NOR
than six per cent annually. Tn
proceeds of such certificates an
debentures due to become tax ex
O1LlpI anu IGNSnuO uOCO AOA oA'
within the limits of the Founda
tion.
8. To accumulate fund in fur
therance of the objects and pur
poses of the Corporation.
10. To acquire industrial site
or industrial buildings and t
erect buildings or plants, etc.
IL. To aid and assist industrie
and their enterprises now locates
or to become located in the stat
by grants and loans and to assis
such industries in negotiating
loans and to act as a guarantor OF
loans to new or expanding indus
tries and to give subsidies to o
procure concessions for such in
dustries.
IL. To form corporations a
wholly owned subsidiaries to be o
assistance to new or enlarged ex
listing industries and to subscrib
for and acquire and pay for stool
and to vote the same.
13. To borrow money for any o
the purposes of the Corporation t,
issue bonds, debentures and note
or other obligations therefor an
to secure the payment of the sam
by pledges or mortgages.
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