Terms Used In Kansas Statutes 74-5037

• 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.
• department: means the department of commerce;

  (4) "entrepreneur" means an individual creating a new business, service or product;

  (5) "region" means multi-county areas as defined by the secretary of commerce;

  (6) "regional business development fund" means an authorized and audited fund that is created by taxpayer contributions, interest income and investment income and is managed by the regional foundation board of directors for the purposes of economic and leadership development in the region;

  (7) "regional foundation" means any organization in Kansas that demonstrates capacity to provide economic development services to regions as defined by this act, and: (A) Has obtained a ruling from the internal revenue service of the United States department of treasury that such organization is exempt from income taxation under the provisions of section 501(c)(3) or 501(c)(6) of the federal internal revenue code;

  (B) has been designated as a certified development company by the United States small business administration;

  (C) has been designated as an economic development district by the United States department of commerce's economic development administration;

  (D) has been organized as a regional planning commission under Kan. See Kansas Statutes 74-50,154

• Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
• State: means the state of Kansas. See Kansas Statutes 74-5059
• state agency: means any officer, department, bureau, division, board, authority, agency, commission or institution of this state. See Kansas Statutes 74-5039