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.
Structure 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.
Section 10A-20-7.02 - Incorporation.
Section 10A-20-7.03 - First Meeting.
Section 10A-20-7.04 - Powers of Corporation.
Section 10A-20-7.05 - Membership - Application; When Effective.
Section 10A-20-7.06 - Membership - Withdrawal.
Section 10A-20-7.07 - Directors and Officers.
Section 10A-20-7.08 - Corporation to Be State Development Company.
Section 10A-20-7.09 - Powers of Stockholders and Members.
Section 10A-20-7.11 - Loans to Corporation by Members.
Section 10A-20-7.12 - Credit of State Not to Be Pledged.
Section 10A-20-7.13 - Taking of Security by Mortgage or Otherwise.
Section 10A-20-7.14 - Tax Exemptions, Credits, and Privileges.
Section 10A-20-7.15 - Occupational License Taxes.
Section 10A-20-7.16 - Setting Apart of Earned Surplus.
Section 10A-20-7.17 - Deposit of Funds in Designated Depository.
Section 10A-20-7.18 - Annual Examination and Reports.
Section 10A-20-7.19 - Fiscal Year.
Section 10A-20-7.20 - Amendment of Certificate of Formation.
Section 10A-20-7.21 - Duration of Corporation.
Section 10A-20-7.22 - Dissolution.
Section 10A-20-7.23 - Applicability of Laws Regulating Securities.