2020 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 20 - Special Purpose Entities.
Article 7 - Industrial Development Corporation.
Section 10A-20-7.01 - Definitions.

Universal Citation: AL Code § 10A-20-7.01 (2020)

Section 10A-20-7.01


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

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

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

(3) 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.

(4) LOAN LIMIT. For any member, the maximum amount permitted to be outstanding at one time on loans made by the member to the corporation, as determined under the provision of this article.

(5) 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.

(6) STATE. The State of Alabama.

(Acts 1969, No. 322, p. 681, §1; §10-4-130; amended and renumbered by Act 2009-513, p. 967, §336.)

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