North Dakota Code 6-09.14-01 – Definitions
Current as of: 2023 | Check for updates
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In this chapter, unless the context or subject matter otherwise requires:
Terms Used In North Dakota Code 6-09.14-01
- Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02
- 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.
- Individual: means a human being. See North Dakota Code 1-01-49
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
1. “Business” means a corporation, limited liability company, partnership, individual, or association involved in manufacturing, processing, value-added processing, and targeted industries as defined by the Bank of North Dakota.
2. “Community” means the city or county in which an eligible business is located, or a local development corporation, community organization, or any other group whose interest is in the economic growth of the area.
3. “Partnership in assisting community expansion fund” or “fund” means a fund established to buy down the interest rate on loans to businesses under this chapter.