As used in this article, the following words shall have the following meanings:
Terms Used In Alabama Code 45-42-150
- 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.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- following: means next after. See Alabama Code 30-3D-608
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- person: includes a corporation as well as a natural person. See Alabama Code 30-3D-608
- property: includes both real and personal property. See Alabama Code 30-3D-608
- real property: includes lands, tenements and hereditaments. See Alabama Code 30-3D-608
(1) BINGO. The game, commonly known as bingo, where numbers or symbols on a card are matched with numbers or symbols selected at random.
(2) BINGO SESSION. A consecutive period of time not to exceed five consecutive hours during which bingo is played in a given day not to exceed one day in a given week.
(3) EQUIVALENT VALUE. The fair market value of the gift on the date the gift is given as the prize in a bingo game.
(4) LOCATION. A single building, hall, enclosure, or outdoor area used for the purpose of playing bingo pursuant to a permit or license issued under this article.
(5) PERMIT HOLDER. A qualified organization or qualified club which has a permit or license pursuant to this article.
(6) PERSON. Any human being, corporation, association, or other legal entity.
(7) QUALIFIED ORGANIZATION. A bona fide religious, educational, service, senior citizens, fraternal, or veterans’ organization or club which qualifies as an exempt organization under Section 501(c) of the Internal Revenue Code and operates without profit to its members and which has been in existence continuously as that organization for a period of three years and which has owned or leased real property in Limestone County for at least three years immediately prior to making application for operating bingo.
(8) REASONABLE EXPENSES. Includes customary and usual business overhead expenses.