Alabama § 10A-20-7.01 - Definitions.
Full text of Alabama Code of Alabama § 10A-20-7.01 — Definitions., with citation guidance and answers to common questions.
§ 10A-20-7.01. Definitions.
For the purposes of this article, the following terms shall have the meanings respectively ascribed to them by this section:
(1) BOARD OF DIRECTORS. The board of directors of the corporation created under this article.
(2) CORPORATION. An Alabama industrial development corporation created under this article.
(3) FINANCIAL INSTITUTION. Any banking, mortgaging corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension funds or other institution engaged primarily in lending or investing funds.
(4) LOAN LIMIT. For any member, the maximum amount permitted to be outstanding at one time on loans made by the member to the corporation, as determined under the provision of this article.
(5) MEMBER. Any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this article, upon its call and in accordance with the provisions of this article.
(6) STATE. The State of Alabama.
Frequently Asked Questions About Alabama § 10A-20-7.01
What does Code of Alabama § 10A-20-7.01 cover?
Section 10A-20-7.01 ("Definitions.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 10A-20-7.01?
A common citation format is "Code of Alabama § 10A-20-7.01" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 10A-20-7.01 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.