155.020 Incorporation -- Name -- Purposes.

298 words·~1 min read·/ky/chapter-155/155-020

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.