As used in this chapter, unless a different meaning is required by the context, the following words and phrases shall have the following meanings:

“Board of directors.” — The board of directors of a corporation created under this chapter.

“Commission.” — The State Corporation Commission of Virginia.

“Corporation.” — A Virginia industrial development corporation created under the provisions of this chapter.

“Financial institution.” — Any bank, trust company, savings institution, industrial loan association or insurance company.

“Loan limit.” — For any member, the maximum amount permitted to be outstanding at one time on loans made by such member to a corporation as determined under the provisions of this chapter.

“Member.” — Any financial institution which shall undertake to lend money to a corporation created under this chapter, upon its call and in accordance with the provisions of this chapter.