Louisiana Revised Statutes 12:951 – Terms defined
Terms Used In Louisiana Revised Statutes 12:951
- Board of directors: means the board of directors of the corporation created under this Chapter. See Louisiana Revised Statutes 12:951
- 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: means a Louisiana industrial development corporation created under this Chapter. See Louisiana Revised Statutes 12:951
- Financial institution: means any banking corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds. See Louisiana Revised Statutes 12:951
- Member: means any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this Chapter, upon its call, and in accordance with the provisions of this Chapter. See Louisiana Revised Statutes 12:951
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
As used in this Chapter, the following words and phrases, unless differently defined or described, shall have the meanings and references as follows:
(1) “Corporation” means a Louisiana industrial development corporation created under this Chapter.
(2) “Financial institution” means any banking corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds.
(3) “Member” means any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this Chapter, upon its call, and in accordance with the provisions of this Chapter.
(4) “Board of directors” means the board of directors of the corporation created under this Chapter.
(5) “Loan limit” means, for any member, the maximum amount permitted to be outstanding at one time on loans made by such member to the corporation, as determined under the provisions of this Chapter.
Acts 1969, No. 49, §1.