Section 10-4-130 Definitions. - Alabama Statutes

Section 10-4-130

Definitions.

For the purposes of this article, the following terms shall have the meanings respectively ascribed to them by this section:

(1) CORPORATION. An Alabama industrial development corporation created under this article.

(2) FINANCIAL INSTITUTION. Any banking, mortgaging corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension funds or other institution engaged primarily in lending or investing funds.

(3) MEMBER. Any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this article, upon its call and in accordance with the provisions of this article.

(4) BOARD OF DIRECTORS. The board of directors of the corporation created under this article.

(5) STATE. The State of Alabama.

(6) LOAN LIMIT. 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 provision of this article.

(Acts 1969, No. 322, p. 681, §1.)