As used in this chapter, unless the context requires otherwise, the following words and phrases shall mean:

1. (1) “Private corporation” shall mean a general and business or a general not-for-profit corporation organized under the laws of this State.
2. (2) “Public corporation” shall mean this State, a political subdivision thereof, a corporate instrumentality of this State and 1 or more other states, or a bistate compact.

61 Del. Laws, c. 167, § 1