LAC 10:XV.103. Definitions

A. This Chapter contains definitions which supplement the definitions provided for in the Louisiana Business and Industrial Development Act, R.S. 51:2386 et seq. Applicant―a Louisiana corporation organized under an incorporating statute which applies to the commissioner for a license. Application―consist of the necessary forms prescribed by the commissioner, submitted in a completed form to the commissioner with all supporting documents requesting that a license be granted. Business and Industrial Development Corporation (BIDCO)―a Louisiana corporation organized to help meet the financing assistance and management assistance needs of business firms in the state of Louisiana. Business Plan―a narrative providing a general description of the proposed business and industrial development corporation which should include at a minimum a description of the BlDCO's organizational structure; its location; the types of lending and financing it intends to offer and to whom; whether it intends to provide management assistance and if so, to what extent and to whom; and whether the BIDCO will operate as a profit or nonprofit corporation. Commissioner―the Commissioner of the Office of Financial Institutions of the Department of Economic Development. Incorporating Statute―the Louisiana Business Corporation Law, R.S. 12:1 et seq., or any other provision of law under which a licensee is incorporated. Institution Affiliated Party―a director, officer, employee, agent, controlling person, and other person participating in the affairs of the BIDCO. Person―a natural person or legal entity qualified to seek a license as a business and industrial development corporation.