Ohio Code 1726.01 – Development corporation definitions
As used in section 1726.01 to 1726.13, inclusive, of the Revised Code, unless the context otherwise requires:
Terms Used In Ohio Code 1726.01
- 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: means the state of Ohio. See Ohio Code 1.59
(A) “Financial institutions” means any banking corporation, trust company, building and loan association, savings and loan association, or corporation, partnership, foundation, or other institution engaged in lending or investing funds for industrial or business purposes.
(B) “Member” means any financial institution authorized to do industrial and business lending in this state which undertakes to lend money to a corporation, incorporated under Chapter 1726 of the Revised Code, upon its call, and in accordance with the provisions of such chapter.
(C) “Loan limit” means for any member, the maximum amount prescribed to be outstanding at one time on loans made by such member to a corporation, incorporated under Chapter 1726 of the Revised Code as determined under the provisions of such chapter.
(D) “The corporation” means a corporation, incorporated under sections 1726.01 to 1726.13, inclusive, of the Revised Code.