Illinois Compiled Statutes 805 ILCS 35/3 – As used in this Act, unless the context otherwise requires: …
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As used in this Act, unless the context otherwise requires:
“Development credit corporation” means any corporation organized pursuant to this Act for the purposes prescribed in Section 4 of this Act.
“Financial institution” means any bank, trust company, savings and loan association, insurance company, or related corporation, partnership, foundation or other institution, authorized to do business in the State of Illinois and engaged primarily or largely in lending or investing funds.
“Member” means any financial institution which undertakes to lend money to a development credit corporation upon its call and in accordance with Section 15 of this Act.
“Board of Directors” means the board of directors of a development credit corporation.
“Loan Limit” means, for any member, the maximum amount permitted to be outstanding at any one time on loans made by such member to a development credit corporation, as determined by the provisions of this Act and shall include the aggregate unpaid principal amount of all obligations or evidences of indebtedness, or participations therein, of any development credit corporation, owned by such member.
“Director” means the Director of Financial Institutions.
“Development credit corporation” means any corporation organized pursuant to this Act for the purposes prescribed in Section 4 of this Act.
Terms Used In Illinois Compiled Statutes 805 ILCS 35/3
- 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: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
“Financial institution” means any bank, trust company, savings and loan association, insurance company, or related corporation, partnership, foundation or other institution, authorized to do business in the State of Illinois and engaged primarily or largely in lending or investing funds.
“Member” means any financial institution which undertakes to lend money to a development credit corporation upon its call and in accordance with Section 15 of this Act.
“Board of Directors” means the board of directors of a development credit corporation.
“Loan Limit” means, for any member, the maximum amount permitted to be outstanding at any one time on loans made by such member to a development credit corporation, as determined by the provisions of this Act and shall include the aggregate unpaid principal amount of all obligations or evidences of indebtedness, or participations therein, of any development credit corporation, owned by such member.
“Director” means the Director of Financial Institutions.