2014 Kentucky Revised Statutes
CHAPTER 155 - BUSINESS DEVELOPMENT CORPORATIONS
155.020 Incorporation -- Name -- Purposes.
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<![CDATA[155.020 Incorporation -- Name -- Purposes.
Twenty-five (25) or more persons, a majority of whom are residents of this
Commonwealth, who desire to create a business development corporation under the
provisions of this chapter, for the purpose of promoting, developing and advancing
the prosperity and economic welfare of the Commonwealth and, to that end, to
exercise the powers and privileges hereinafter provided, may be incorporated in the
following manner. Such persons shall, by articles of incorporation filed with the
Secretary of State, signed and acknowledged by them, set forth:
(1) The name of the corporation, which shall include the words "business
development corporation";
(2) The location of the principal office of the corporation, but such corporation may
have offices in such other places within the Commonwealth as may be fixed by
the board of directors;
(3) The purpose for which the corporation is founded, which shall include the
following: The purposes of the corporation shall be to promote, stimulate,
develop and advance the business prosperity and economic welfare of the
Commonwealth of Kentucky and its citizens; to encourage and assist through
loans, investments or other business transactions, in the location of new
business and industry in this Commonwealth and to rehabilitate and assist
existing business and industry; and so to stimulate and assist in the expansion
of all kinds of business activity which will tend to promote the business
development and maintain the economic stability of this Commonwealth,
provide maximum opportunities for employment, encourage thrift, and improve
the standard of living of the citizens of this Commonwealth; similarly, to
cooperate and act in conjunction with other organizations, public or private, in
the promotion and advancement of industrial, commercial, agricultural and
recreational developments in this Commonwealth; and to provide financing for
the promotion, development, and conduct of all kinds of business activity in this
Commonwealth.
Effective:March 21, 1960
History: Created 1960 Ky. Acts ch. 73, sec. 3, effective March 21, 1960.
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