As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:
"Board of directors." -- The board of directors of a corporation created under this chapter.
"Commission." -- The State Corporation Commission of Virginia.
"Corporation." -- A Virginia industrial development corporation created under 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 be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this chapter.
"Member." -- Any financial institution which shall undertake to lend money to a corporation created under this chapter, upon its call and in accordance with the provisions of this chapter.
Code 1950, § 13.1-141; 1960, c. 80; 1985, c. 522; 1996, c. 77.
Structure Code of Virginia
Chapter 11 - Industrial Development Corporations
§ 13.1-985. Governor to approve articles of incorporation
§ 13.1-986. How funds may be derived
§ 13.1-987. Restrictions on powers of corporation
§ 13.1-988. Acquisition, transfer, etc., of securities and shares of corporation
§ 13.1-989. Membership in corporation; loans from members
§ 13.1-990. Shares and shareholders
§ 13.1-992. Executive committee
§ 13.1-993. Restrictions on amendments to articles of incorporation
§ 13.1-995. Members to have rights of shareholders
§ 13.1-996. Corporation not authorized to receive money on deposit; deposit of funds of corporation