21-2102. Terms, defined.

221 words·~1 min read·/ne/chapter-21/21-2102

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

For purposes of the Nebraska Business Development Corporation Act, unless the context otherwise requires:

(1)Development corporation or corporation shall mean any corporation organized pursuant to the act for the purpose of developing business, industry, and enterprise in the State of Nebraska by the lending of money thereto and otherwise organizing for the purposes set forth in section 21-2104 ;

(2)Financial institution shall mean any banking institution, insurance company or related corporation, savings and loan association, partnership, limited liability company, credit union, foundation, trust, licensee under the Small Business Investment Act of 1958, 15 U.S.C. 661 et seq., as the act existed on September 1, 2001, or other entity engaged in lending or investing funds and authorized to do business in the State of Nebraska, including the United States Small Business Administration;

(3)Member shall mean any financial institution which undertakes to lend money to a development corporation upon its call and in accordance with section 21-2109 ;

(4)Board of directors shall mean members of the board of directors of a development corporation in office from time to time; and

(5)Loan limit shall mean, for any member, the maximum account permitted to be outstanding at any one time on loans made by any such member to a development corporation, as determined under the Nebraska Business Development Corporation Act.