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.

History

Code 1950, § 13.1-141; 1960, c. 80; 1985, c. 522; 1996, c. 77.