155.010 Definitions.

205 words·~1 min read·/ky/chapter-155/155-010

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As used in this section and KRS 155.080 and 155.090, unless the context otherwise requires:

(1)"Corporation" means a business development corporation created under this section

and KRS 155.080 and 155.090.

(2)"Financial institution" means any banking corporation or public or private pension

or retirement fund, trust company, building and loan association, insurance

company or related corporation, partnership, foundation, or other institution

engaged in lending or investing funds.

(3)"Member" means any financial institution authorized to do business within this

Commonwealth which undertakes to lend money to a corporation created under this

section and KRS 155.080 and 155.090, upon its call, and in accordance with the

provisions of this section and KRS 155.080 and 155.090.

(4)"Board of directors" means the board of directors of the corporation created under

this section and KRS 155.080 and 155.090.

(5)"Loan limit" means for any member, the maximum amount permitted to be

outstanding at one

(1)time on loans made by such member to the corporation, other

than short term loans, as determined under the provisions of KRS 155.080 and

155.090.

(6)"Short term loans" means loans to the corporation made for that period not to

exceed one

(1)year and not to exceed one million dollars ($1,000,000).