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155.020 Incorporation -- Name -- Purposes.

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155.020 Incorporation -- Name -- Purposes. Twenty-five (25) or more persons, a majority of whom are residents of this <br>Commonwealth, who desire to create a business development corporation under the <br>provisions of this chapter, for the purpose of promoting, developing and advancing the <br>prosperity and economic welfare of the Commonwealth and, to that end, to exercise the <br>powers and privileges hereinafter provided, may be incorporated in the following manner. <br>Such persons shall, by articles of incorporation filed with the Secretary of State, signed <br>and acknowledged by them, set forth: <br>(1) The name of the corporation, which shall include the words &quot;business development corporation&quot;; (2) The location of the principal office of the corporation, but such corporation may have offices in such other places within the Commonwealth as may be fixed by the <br>board of directors; (3) The purpose for which the corporation is founded, which shall include the following: The purposes of the corporation shall be to promote, stimulate, develop <br>and advance the business prosperity and economic welfare of the Commonwealth of <br>Kentucky and its citizens; to encourage and assist through loans, investments or <br>other business transactions, in the location of new business and industry in this <br>Commonwealth and to rehabilitate and assist existing business and industry; and so <br>to stimulate and assist in the expansion of all kinds of business activity which will <br>tend to promote the business development and maintain the economic stability of <br>this Commonwealth, provide maximum opportunities for employment, encourage <br>thrift, and improve the standard of living of the citizens of this Commonwealth; <br>similarly, to cooperate and act in conjunction with other organizations, public or <br>private, in the promotion and advancement of industrial, commercial, agricultural <br>and recreational developments in this Commonwealth; and to provide financing for <br>the promotion, development, and conduct of all kinds of business activity in this <br>Commonwealth. Effective: March 21, 1960 <br>History: Created 1960 Ky. Acts ch. 73, sec. 3, effective March 21, 1960.