Kentucky Statutes 155.010 – Definitions
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As used in this section and KRS § 155.080 and KRS § 155.090, unless the context otherwise requires:
(1) “Corporation” means a business development corporation created under this section and KRS § 155.080 and KRS § 155.090.
(2) “Financial institution” means any banking corporation or public or private pension or retirement fund, trust company, building and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged in lending or investing funds.
(3) “Member” means any financial institution authorized to do business within this Commonwealth which undertakes to lend money to a corporation created under this section and KRS § 155.080 and KRS § 155.090, upon its call, and in accordance with the provisions of this section and KRS § 155.080 and KRS § 155.090.
(4) “Board of directors” means the board of directors of the corporation created under this section and KRS § 155.080 and KRS § 155.090.
(5) “Loan limit” means for any member, the maximum amount permitted to be outstanding at one (1) time on loans made by such member to the corporation, other than short term loans, as determined under the provisions of KRS § 155.080 and
155.090.
(6) “Short term loans” means loans to the corporation made for that period not to exceed one (1) year and not to exceed one million dollars ($1,000,000).
History: Amended 1966 Ky. Acts ch. 212, sec. 1. — Created 1960 Ky. Acts ch. 73, sec.
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(1) “Corporation” means a business development corporation created under this section and KRS § 155.080 and KRS § 155.090.
Terms Used In Kentucky Statutes 155.010
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
(2) “Financial institution” means any banking corporation or public or private pension or retirement fund, trust company, building and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged in lending or investing funds.
(3) “Member” means any financial institution authorized to do business within this Commonwealth which undertakes to lend money to a corporation created under this section and KRS § 155.080 and KRS § 155.090, upon its call, and in accordance with the provisions of this section and KRS § 155.080 and KRS § 155.090.
(4) “Board of directors” means the board of directors of the corporation created under this section and KRS § 155.080 and KRS § 155.090.
(5) “Loan limit” means for any member, the maximum amount permitted to be outstanding at one (1) time on loans made by such member to the corporation, other than short term loans, as determined under the provisions of KRS § 155.080 and
155.090.
(6) “Short term loans” means loans to the corporation made for that period not to exceed one (1) year and not to exceed one million dollars ($1,000,000).
History: Amended 1966 Ky. Acts ch. 212, sec. 1. — Created 1960 Ky. Acts ch. 73, sec.
2.