{"data":{"id":"us-ky/krs-155.020","jurisdiction":"us-ky","citation":"KRS 155.020","heading":"Incorporation -- Name -- Purposes.","body":"Twenty-five (25) or more persons, a majority of whom are residents of this\nCommonwealth, who desire to create a business development corporation under the\nprovisions of this chapter, for the purpose of promoting, developing and advancing the\nprosperity and economic welfare of the Commonwealth and, to that end, to exercise the\npowers and privileges hereinafter provided, may be incorporated in the following manner.\nSuch persons shall, by articles of incorporation filed with the Secretary of State, signed\nand acknowledged by them, set forth:\n(1) The name of the corporation, which shall include the words \"business development\ncorporation\";\n(2) The location of the principal office of the corporation, but such corporation may\nhave offices in such other places with in the Commonwealth as may be fixed by the\nboard of directors;\n(3) The purpose for which the corporation is founded, which shall include the\nfollowing: The purposes of the corporation shall be to promote, stimulate, develop\nand advance the business prosperity and economic welfare of the Commonwealth of\nKentucky and its citizens; to encourage and assist through loans, investments or\nother business transactions, in the location of new business and industry in this\nCommonwealth and to rehabilitate and assist e xisting business and industry; and so\nto stimulate and assist in the expansion of all kinds of business activity which will\ntend to promote the business development and maintain the economic stability of\nthis Commonwealth, provide maximum opportunities for  employment, encourage\nthrift, and improve the standard of living of the citizens of this Commonwealth;\nsimilarly, to cooperate and act in conjunction with other organizations, public or\nprivate, in the promotion and advancement of industrial, commercial, agricultural\nand recreational developments in this Commonwealth; and to provide financing for\nthe promotion, development, and conduct of all kinds of business activity in this\nCommonwealth.","path":["KRS Chapter 155"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3055","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:50:58Z","sha256":"05d077e41fa0319bcab5abff8148db90b855849798d7114af7ab536d0603b54b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-155.010","next":"us-ky/krs-155.030"},"notice":"GroundRules: Original legal text. Not legal advice."}