Virginia Code Title 13.1. Corporations § 13.1-982. Definitions

As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:

“Board of directors.”--The board of directors of a corporation created under this chapter.

“Commission.”--The State Corporation Commission of Virginia.

“Corporation.”--A Virginia industrial development corporation created under the provisions of this chapter.

“Financial institution.”--Any bank, trust company, savings institution, industrial loan association or insurance company.

“Loan limit.”--For any member, the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this chapter.

“Member.”--Any financial institution which shall undertake to lend money to a corporation created under this chapter, upon its call and in accordance with the provisions of this chapter.