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Texas Business Organizations Code

§ 23.051 — DEFINITIONS

BO § 23.051Title 2. CORPORATIONS · Ch. 23. SPECIAL-PURPOSE CORPORATIONS · Art. B. BUSINESS DEVELOPMENT CORPORATIONS

Statute text

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In this subchapter:
(1)"Corporation" means a business development corporation organized under this subchapter.
(2)"Financial institution" means a banking corporation or trust company, savings and loan association, governmental agency, insurance company, or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds.
(3)"Loan limit" means the maximum amount permitted to be outstanding at one time on loans made by a member to a corporation.
(4)"Member" means a financial institution authorized to do business in this state that undertakes to lend money to a corporation.

Legislative history

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.

Source: Texas Business Organizations Code § 23.051 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.