As used in this article, unless the context otherwise requires:
(1) Board of directors means the board of directors of a corporation created under this article.
(2) Corporation means a Colorado business development corporation created under the provisions of this article.
(3) Financial institution means any bank, trust company, savings and loan association, public or private pension or retirement fund, insurance company or related corporation, partnership, foundation, or other institution engaged in lending or investing funds.
(4) Loan limit for any member means 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 article.
(5) Member means any financial institution which undertakes to lend money to a corporation created under this article, upon its call and in accordance with the provisions of this article.
Source: L. 65: p. 447, � 1. C.R.S. 1963: � 31-23-2. L. 2013: (3) amended, (SB 13-154), ch. 282, p. 1469, � 23, effective July 1.
Cross references: For additional definitions applicable to this article, see � 7-90-102.
7-48-103. Incorporation - applicability of Colorado Business Corporation Act. A business development corporation may be incorporated in this state pursuant to the provisions of article 102 of this title, and all the provisions of the Colorado Business Corporation Act, articles 101 to 117 of this title, not in conflict with or inconsistent with the provisions of this article shall apply to such corporation except as otherwise provided in this article. The purpose clause of the articles of incorporation shall recite that the purposes for which the corporation is formed are to stimulate and promote the business prosperity and economic welfare of this state and its citizens; to encourage and assist, through financial aid, advice, technical assistance, and other appropriate means, the location of new businesses and industries and the rehabilitation, improvement, and expansion of existing businesses and industries throughout the state; and, in furtherance of these purposes, to cooperate with the division of commerce and development of this state and with other organizations, public and private.
Source: L. 65: p. 448, � 1. C.R.S. 1963: � 31-23-3. L. 93: Entire section amended, p. 856, � 10, effective July 1, 1994.