(1) The industrial and commercial development authority or industrial development agency shall be incorporated.

(2) The industrial and commercial development authority or industrial development agency shall agree to be bound by the rules and regulations of the financing authority relating to assisted projects and the operations of industrial and commercial development authorities or, as may be applicable, industrial development agencies and shall submit to examination of its books of accounts and corporate records by the financing authority at such times as the financing authority may require during the term of any loan made to it by the financing authority.

(3) The provisions of the act of December 20, 1985 (P.L. 483, No. 113), known as the “Tax-Exempt Bond Allocation Act,”¹ shall not apply to restrict the powers of the financing authority under section 6.2² of this act or the powers of any local industrial and commercial development authority under this act with respect to any project being financed out of the proceeds of obligations which are not exempt from Federal income taxation.