Virginia Code 13.1-982: Definitions
As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:
Terms Used In Virginia Code 13.1-982
- 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.
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
“Board of directors.” — The board of directors of a corporation created under this chapter.
“Commission.” — The State Corporation Commission of Virginia.
“Corporation.” — A Virginia industrial development corporation created under the provisions of this chapter.
“Financial institution.” — Any bank, trust company, savings institution, industrial loan association or insurance company.
“Loan limit.” — For any member, the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this chapter.
“Member.” — Any financial institution 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.
Code 1950, § 13.1-141; 1960, c. 80; 1985, c. 522; 1996, c. 77.