Illinois Statutes Chapter 805. Business Organizations § 35/3. Definitions

§ 3. As used in this Act, unless the context otherwise requires:

“Development credit corporation” means any corporation organized pursuant to this Act for the purposes prescribed in Section 4 of this Act.

“Financial institution” means any bank, trust company, savings and loan association, insurance company, or related corporation, partnership, foundation or other institution, authorized to do business in the State of Illinois and engaged primarily or largely in lending or investing funds.

“Member” means any financial institution which undertakes to lend money to a development credit corporation upon its call and in accordance with Section 15 of this Act.

“Board of Directors” means the board of directors of a development credit corporation.

“Loan Limit” means, for any member, the maximum amount permitted to be outstanding at any one time on loans made by such member to a development credit corporation, as determined by the provisions of this Act and shall include the aggregate unpaid principal amount of all obligations or evidences of indebtedness, or participations therein, of any development credit corporation, owned by such member.

“Director” means the Director of Financial Institutions.