California Government Code 50568 – Unless the context otherwise requires, the following definitions …
Unless the context otherwise requires, the following definitions govern the construction of this article:
(a) “Persons and families of low or moderate income” means persons and families of low or moderate income, as defined by § 50093 of the Health and Safety Code.
Terms Used In California Government Code 50568
- 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.
- 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: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
(b) “Limited dividend housing corporation” means any joint venture, partnership, limited partnership, trust, limited liability company, or corporation organized or existing under the laws of this state or authorized to do business in this state and subject to the restrictions of Division 24 (commencing with Section 33000) of the Health and Safety Code.
(c) “Housing corporation” means a corporation organized pursuant to the Community Land Chest Law (Chapter 2 (commencing with Section 35100) of Part 3 of Division 24 of the Health and Safety Code).
(d) “Nonprofit corporation” means a nonprofit corporation formed under or subject to the provisions of Part 2 (commencing with Section 5110) of Division 2 of Title 1 of the Corporations Code and whose articles of incorporation provide that the corporation has been organized exclusively to provide housing facilities for persons and families of low or moderate income.
(Amended by Stats. 1994, Ch. 1010, Sec. 143. Effective January 1, 1995.)