13.1-982 - Definitions. - Virginia Statutes

§ 13.1-982. Definitions.

As used in this chapter, unless a different meaning is required by thecontext, the following words and phrases shall have the following meanings:

"Board of directors". - The board of directors of a corporation createdunder this chapter.

"Commission". - The State Corporation Commission of Virginia.

"Corporation". - A Virginia industrial development corporation createdunder 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 beoutstanding at one time on loans made by such member to a corporation asdetermined under the provisions of this chapter.

"Member". - Any financial institution which shall undertake to lend moneyto a corporation created under this chapter, upon its call and in accordancewith the provisions of this chapter.

(Code 1950, § 13.1-141; 1960, c. 80; 1985, c. 522; 1996, c. 77.)