As used in this chapter the following words and phrases, unless differently defined or described, shall have meanings and references as follows: (1) 'Corporation' means a county business development corporation created under this chapter; (2) 'Financial institution' means any banking corporation or trust company, building and loan association, insurance company or related corporation, partnership, foundation or other institution engaged primarily in lending or investing funds; (3) 'Member' means any financial institution authorized to do business within this State 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; (4) 'Board of directors' means the board of directors of the corporation created under this chapter; and (5) 'Loan limit' means, for any member, the maximum amount permitted to be outstanding at one time on loans made by such member to the corporation as determined under the provisions of this chapter. HISTORY: 1962 Code Section 12-1201; 1960 (51) 1907.
South Carolina Legal Code