9-15-53: Definitions.

As used in the Minority Business Assistance Act [9-15-52 to 9-15-55 NMSA 1978]:

A. "department" means the economic development department; and

B. "minority business" means a business, with its principal place of business in New Mexico:

(1) the majority ownership of which is held by individuals who are residents of New Mexico and African Americans, Hispanic Americans, Asian Americans or Native Americans; and

(2) that employs twenty or fewer people.