The following words and phrases, including the plural of any thereof, wherever used in this chapter, shall in the absence of clear implication herein otherwise have the following respective meanings:

(1) THE CORPORATION. A corporation organized pursuant to the provisions of this chapter.

Terms Used In Alabama Code 11-15-1

  • 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.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • following: means next after. See Alabama Code 1-1-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • 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) BOARD. The board of directors of the corporation.
(3) THE STATE. The State of Alabama.
(4) THE COUNTY. That county in the state in which the corporation shall be organized.
(5) GOVERNING BODY. The county commission in which the legislative functions of the county are vested by law.
(6) PROJECT. A building or buildings designed for use and occupancy as a county courthouse or jail or for the supplying of offices and related facilities for officers and departments of the county and any agencies for which the county may lawfully furnish office facilities or any one or more thereof, together with any lands deemed by the board to be desirable in connection therewith.
(7) WARRANT. Any warrant authorized to be issued pursuant to the provisions of this chapter.
(8) COUPON. Any interest coupon evidencing an installment of interest payable with respect to a warrant.
(9) MORTGAGE. A mortgage or a mortgage and deed of trust.