§ 15-4-1202 — Definitions

As used in this subchapter: (1) "Bank Commissioner" means the Bank Commissioner of the State of Arkansas; (2) "Board" means the State Banking Board; (3) "Company" means a county or regional industrial development corporation or limited liability company authorized to be organized under the provisions of this subchapter; (4) "Financial institution" means any banking corporation or institution, trust company, savings bank, savings and loan association, insurance company, or related corporation, partnership, foundation, or other institution engaged in lending or investing funds; (5) "Impaired" means, for the purposes of § 15-4-1228 , that the capital of the company has been reduced to fifty thousand dollars ($50,000) or less; (6) "Loan limit" means, for any member, the maximum amount permitted to be outstanding at any one (1) time on loans made by the member to the company, as determined under § 15-4-1218 ; (7) "Member" means any financial institution authorized to do business in the State of Arkansas which may undertake to lend money to a company upon its call and in accordance with the provisions of § 15-4-1218 ; (8) "Person" includes all natural persons and legal entities; (9) "Region" means any compact area composed of no fewer than three (3) nor more than fifteen (15) contiguous counties within the State of Arkansas; (10) "Securities Commissioner" means the Securities Commissioner of the State of Arkansas; and (11) "Unit of interest" means a participation in the profits interests of a limited liability company so that the total of all the units of interest in a limited liability company shall equal one hundred percent (100%) of the profits interests in the limited liability company.

Legislative History

Acts 1991, No. 1029, § 2; 1999, No. 37, § 2.