New Mexico Statutes 3-60C-3. Definitions
As used in the Main Street Revolving Loan Act:
Terms Used In New Mexico Statutes 3-60C-3
- 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.
A. “committee” means the main street revolving loan committee;
B. “division” means the historic preservation division of the cultural affairs department;
C. “eligible property” means a site, structure, building or object that is subject to the Main Street Act or otherwise found pursuant to rule of the committee to merit preservation pursuant to the Main Street Revolving Loan Act;
D. “fund” means the main street revolving loan fund;
E. “lending institution” means a bank, savings and loan association, credit union or nonprofit organization with lending programs as part of its bylaws; and
F. “property owner” means the sole owner, joint owner, owner in partnership or an owner of a leasehold interest with a term of five years or longer of an eligible property.