---
title: O.C.G.A. § 7-1-740. Definitions.
collection: code
id: 7-1-740
cite_as: O.C.G.A. § 7-1-740 (2025)
canonical_url: https://georgiacommons.org/code/7-1-740
md_url: https://georgiacommons.org/code/7-1-740.md
text_url: https://georgiacommons.org/code/7-1-740/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t7-t8-(v5)-2024-pdf.pdf?sfvrsn=6386add7_0#page=465
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: BANKING AND FINANCE / FINANCIAL INSTITUTIONS / BUSINESS DEVELOPMENT CORPORATIONS
---

# O.C.G.A. § 7-1-740. Definitions.

As used in this article, the term:

(1) “Board of directors” means any board of directors of a corporation created under this article.

(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).

(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.

(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.

(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.

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

## 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 L. 1972, p. 798), referred to in paragraph (2) of this Code section, was repealed by Ga.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).