As used in this article, the following words and phrases shall have the following meanings:

(1) ADVISORY COUNCIL. A subcommittee of the committee.

Terms Used In Alabama Code 41-23-61

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • following: means next after. See Alabama Code 1-1-1
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(2) BASE FUNDS. Any money not appropriated pursuant to this article, that is used to match the state funds. Base funds may be federal, local, private, foundation grants, or money derived from any other source.
(3) COMMITTEE. The Regional Revolving Loan Policy Committee established by Section 41-23-51.
(4) CONTRACTUAL SERVICES. Any services necessary for the implementation of and the administration of this article.
(5) DEPARTMENT. The Alabama Department of Economic and Community Affairs.
(6) INCUBATOR. A multitenanted facility characterized by shared business services, equipment, space, and access to on-premises business consultants.
(7) LEGAL ENTITY. Any authority, agency, regional planning and development commission, city government, county government, or subdivisions thereof to which the state may grant funds.
(8) SPONSOR. Any entity that qualifies to make application for state funds and that enters into a written agreement with the committee to establish, operate, and administer a small business incubator or to provide funding to an organization that operates as a small business incubator.
(9) STATE FUNDS. The allocation of moneys from the State General Fund to the department for the purposes of this article.
(10) TENANT. A sole proprietorship, partnership, or corporation that operates in a small business incubator.
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