qualified State or local development company
Defined in 1 dictionary — U.S. Code
United States Code
15 U.S.C. § 697D — in this section (5 versions over time)
In this section, the term “qualified State or local development company” has the meaning given the term in section 697(e) of this title.
15 U.S.C. § 697 — for purposes of this section
For purposes of this section, the term “qualified State or local development company” means any State or local development company which, as determined by the Administration, has—
(A) a full-time professional staff;
(B) professional management ability (including adequate accounting, legal, and business-servicing abilities); and
(C) a board of directors, or membership, which meets on a regular basis to make management decisions for such company, including decisions relating to the making and servicing of loans by such company.