When used in this article, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise:

(1) STATE. The State of Alabama.

Terms Used In Alabama Code 41-10-51

  • 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.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • 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
  • Trustee: A person or institution holding and administering property in trust.
(2) COUNTY. Jefferson County in this state.
(3) AUTHORITY. The Southern Products Mart Authority authorized to be incorporated under the provisions of this article.
(4) BOARD or BOARD OF DIRECTORS. The board of directors of the authority.
(5) DIRECTOR OF FINANCE. The Director of Finance of the state.
(6) SECRETARY OF THE ALABAMA DEPARTMENT OF COMMERCE. The Secretary of the Alabama Department of Commerce of the state.
(7) EXECUTIVE SECRETARY TO THE GOVERNOR. The Executive Secretary to the Governor of the state.
(8) STATE TREASURER. The Treasurer of the state.
(9) STATE TREASURY. The Treasury of the state.
(10) BOND. Any bond authorized to be issued pursuant to the provisions of this article, including a refunding bond as hereinafter authorized.
(11) COUPON. Any interest coupon evidencing an installment of interest payable with respect to a bond.
(12) PERSON. Any individual, firm, partnership, corporation, company, association, joint-stock association, the state or any political subdivision thereof, any agency or board of the state, any municipality or body politic and includes any trustee, receiver, assignee or other similar representative thereof.
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