Terms Used In South Carolina Code 33-37-10

• Board of directors: means the board of directors of the corporation created pursuant to this chapter. See South Carolina Code 33-37-10
• Corporation: means a South Carolina business development corporation created pursuant to this chapter. See South Carolina Code 33-37-10
• 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.
• Financial institution: means any banking corporation or trust company, building and loan association, insurance company or related corporation, partnership, foundation, federal or state agency, or other institution engaged primarily in lending or investing funds including, without limitation, the Small Business Administration, an agency of the United States Government. See South Carolina Code 33-37-10
• Loan call: means the right of the corporation to call for loans by the members to the corporation as provided in § 33-37-460 of this chapter. See South Carolina Code 33-37-10
• Loan call agreement: means the loan agreement between the corporation and its members describing the terms, conditions, and loan limits of the corporation's right to make loan calls to its members. See South Carolina Code 33-37-10
• Member: means a financial institution authorized to do business in this State which undertakes to lend money to a corporation created pursuant to this chapter, upon its call and as provided by this chapter. See South Carolina Code 33-37-10
• 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.