§ 314-2. Definitions.

Latest version.

As used in this chapter, the following terms shall have the meanings indicated:

DEPOSITARY

A bank, trust company, private banker or banking institution that accepts deposits, grants loans or engages in the extension of credit.

DOING BUSINESS

Conducting, performing or exercising, either individually or in a syndicated credit, the ordinary functions and activities for which a depositary or lending institution or investment institution is organized.

EXTENSION OF CREDIT

Loan; credit sales; the supplying of funds through the underwriting, distribution or acquisition of securities; the making or assisting in the making of a direct placement; or otherwise participating in the offering, distribution or acquisition of securities for any general purpose.

LOAN

Any loan that is specified for a targeted, limited, specific purpose and where there is a documented effort to verify that the proceeds of the loan are dedicated for such specific purpose; any general-purpose loan which can be used for any purpose at the sole discretion of the borrower; and/or any type of credit, including credit extended in connection with a credit sale.

                    
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