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Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 6. BUSINESS DEVELOPMENT CORPORATIONS

7-1-740. Definitions.

Active

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

  1. As used in this article, the term:

  2. (1)

    “Board of directors” means any board of directors of a corporation created under this article.#

  3. (2)

    “Corporation” means a Georgia business development corporation created under this article or existing on April 1, 1975, pursuant to the former “Georgia Business Development Corporation Act of 1972,” approved April 3, 1972 (Ga. L. 1972, p. 798).#

  4. (3)

    “Lending institution” means any bank or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension fund, or other institution engaged primarily in lending or investing funds.#

  5. (4)

    “Loan limit” means, for any member, the maximum amount permitted to be outstanding at any one time on member loans made by such member to the corporation, as determined under this article.#

  6. (5)

    “Member” means any lending institution authorized to do business in this state which shall undertake to make member loans to a corporation created under this article, upon its call, and in accordance with this article.#

  7. (6)

    “Member loan” means a loan made by a member upon the call of the corporation pursuant to Code Section 7-1-747.#

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

Ga. L. 1972, p. 798, § 2; Code 1933, § 41A-3401, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1975, p. 445, § 37; Ga. L. 1981, p. 965, § 1; Ga. L. 1982, p. 3, § 7; Ga. L. 2016, p. 390, § 7-4/HB 811.

Editor's notes

The Georgia Business Development Corporation Act of 1972 (Ga. L. 1972, p. 798), referred to in paragraph (2) of this Code section, was repealed by Ga. L. 1974, p. 705, § 3(k).

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 t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, pages 465 to 466; merge action: carried; file SHA-256 5c69f28428d8.