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Official Code of Georgia Annotated

Title 10. COMMERCE AND TRADE · Chapter 10. SEED-CAPITAL FUND · Article 2. INVEST GEORGIA FUND

10-10-15. Expenditure of funds; capitalization; cost of administration.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    The Invest Georgia Fund is created as a separate fund maintained by the board, and moneys shall be expended only as provided in this article.#

  2. (b)

    The Invest Georgia Fund shall be capitalized through grants from the Seed-Capital Fund, designated appropriations to the center, and private contributions to the board.#

  3. (c)

    The capital raised shall be periodically distributed to the venture capital funds selected by the fund administrator pursuant to Code Section 10-10-14.#

  4. (d)

    All moneys appropriated to or otherwise paid into the Invest Georgia Fund shall be presumptively concluded to have been committed to the purpose for which they have been appropriated or paid and shall not lapse.#

  5. (e)

    The entire cost of administration of the Invest Georgia Fund, including expenses of the center incurred in connection with the creation, operation, management, liquidation, and investment of fund moneys may be paid from the assets of the Invest Georgia Fund.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 10-10-15, enacted by Ga. L. 2013, p. 243, § 5/HB 318.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t10-(v8)-2024-pdf.pdf, Volume V8, 2024 edition, page 1304; merge action: carried; file SHA-256 7afbade16da7.