New Jersey Statutes 17:52-25. Business development corporation not deemed banking institution
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Terms Used In New Jersey Statutes 17:52-25
- 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.
- Fiduciary: A trustee, executor, or administrator.
No business development corporation shall be deemed to be a banking institution for any purpose whatsoever, nor shall any such corporation accept deposits or act in a fiduciary capacity.
L.1957, c. 218, p. 763, s. 25.