Indiana Code 5-28-29-3. “Borrower”
Current as of: 2023 | Check for updates
|
Other versions
Sec. 3. As used in this chapter, “borrower” means the recipient of a loan that is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements:
(2) The borrower is not an executive officer, a director, or a principal shareholder of the lender, a member of the immediate family of an executive officer, a director, or a principal shareholder of the lender, or an entity controlled by an executive officer, a director, a principal shareholder, or a member of the immediate family.
(1) The borrower is a corporation, limited liability company, partnership, joint venture, sole proprietorship, cooperative, or other entity, whether profit or nonprofit, that is authorized to conduct business in Indiana.
Terms Used In Indiana Code 5-28-29-3
- borrower: means the recipient of a loan that is, has been, or will be filed by the lender for enrollment under the program and meets the following requirements:
Indiana Code 5-28-29-3
- 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.
- lender: means :
Indiana Code 5-28-29-9
- 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.
- program: refers to the capital access program created by this chapter. See Indiana Code 5-28-29-11
As added by P.L.162-2007, SEC.24.