90-9-103. Definitions. As used in this chapter, the following definitions apply:
     (1) "Act" means the Montana Growth Through Agriculture Act.
     (2) "Agricultural business" means an enterprise engaged in the production, processing, marketing, distribution, or exporting of agricultural products. The term includes any related business the primary function of which is providing goods or services to an agricultural enterprise.
     (3) "Agricultural development project" means a marketing, agribusiness development, seed capital, or research and development project designed to discover, develop, transfer, market, use, or commercialize existing or new agricultural products or processes in order to strengthen and enhance agricultural economic development in the state.
     (4) "Agricultural development project loan agreement" or "loan" means an agreement entered into between the council and the loan recipient of a seed capital project loan or a research and development project loan that:
     (a) creates a debt relationship between the parties;
     (b) provides for a financial return to the council;
     (c) provides economic development potential to the state; and
     (d) contains various provisions and terms as required by the act.
     (5) "Company" means a natural person, firm, partnership, corporation, association, or other entity authorized to conduct business in the state.
     (6) "Convertible debenture" means a debenture convertible into stock under certain conditions by an individual or company, but not by the council.
     (7) "Council" means the Montana agriculture development council established in 2-15-3015.
     (8) "Debenture" or "note" means a writing or certificate issued as evidence of debt.
     (9) "Department" means the department of agriculture established in 2-15-3001.
     (10) "Innovative agricultural technology" means the involvement of an agricultural product or process that embodies the use of implements, machinery, equipment, chemical formulations, resources, materials, methods, or other items in a manner that departs from previous commercial developments, practices, or applications.
     (11) "Investment" means an award of money, with or without repayment requirements, for the purposes provided for in this chapter.
     (12) (a) "Matching funds" means the funds received by the agricultural development project loan or investment recipient from private, federal, state, or commodity checkoff funds and contributed by the loan or investment recipient to the project in an amount that is at least equal to the funds disbursed to the recipient by the council for use in the agricultural development project.
     (b) Matching funds may not include other state grants.
     (13) "Portfolio company" means a startup or expansion stage company that has received a seed capital project loan from the council.
     (14) "Private sector" means any entity or individual, not principally a part of or associated with a governmental unit.
     (15) "Research and development project" means an agricultural development project that falls into the category of applied technology research or agricultural technology transfer and assistance.
     (16) "Research and development project loan" means an agricultural development project loan agreement entered into between the council and a loan recipient for a research and development project.
     (17) (a) "Seed capital project" means an agricultural development project loan entered into between the council and a loan recipient for the purposes of providing the recipient with startup or expansion capital.
     (b) The term does not include an investment.
     (18) "State" means the state of Montana.
     (19) "Warrant" means an instrument issued by a corporation giving a holder other than the council the right to purchase stock of a corporation at a fixed price, either for a limited time or perpetually.

     History: En. Sec. 4, Ch. 665, L. 1987; amd. Sec. 10, Ch. 284, L. 1989; amd. Sec. 1, Ch. 189, L. 1991; amd. Sec. 1, Ch. 171, L. 2001.