§ 10-10-12. Invest Georgia Board; Creation; Membership; Powers
There is hereby created the Invest Georgia Board, which shall exercise the powers and perform the duties prescribed by this article. The exercise by the board of its powers and duties is hereby declared to be an essential state governmental function. The board shall be subject to all laws generally applicable to state agencies and […]
§ 10-12-5. Chapter Does Not Create Requirement for Electronic Transactions; Determination as to Whether Parties Intend to Conduct Electronic Transactions
This chapter shall not require a record or signature to be created, generated, sent, communicated, received, stored, or otherwise processed or used by electronic means or in electronic form. This chapter shall apply only to transactions between parties each of which has agreed to conduct transactions by electronic means. Whether the parties agree to conduct […]
§ 10-10-13. Responsibilities of Board
The board’s primary responsibilities shall include: Establishing an investment policy for the selection of a fund administrator; Selecting a fund administrator to administer the provisions of this article; Giving final approval to allocations of designated capital to the venture capital funds selected by the fund administrator; Executing and overseeing the contracts of the fund administrator […]
§ 10-12-6. Construction and Applicability
This chapter shall be construed and applied: To facilitate electronic transactions consistent with other applicable laws; To be consistent with reasonable practices concerning electronic transactions and with the continued expansion of those practices; and To effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting […]
§ 10-10-14. Fund Administrator; Investments
The fund administrator shall be selected by the board through a transparent open bid process and shall be responsible for administering the Invest Georgia Fund and for making all venture capital fund selections in accordance with the investment policies developed by the board or contained in this article. The fund administrator shall be responsible for […]
§ 10-12-7. Legal Effect of Electronic Records or Signatures
A record or signature shall not be denied legal effect or enforceability solely because it is in electronic form. A contract shall not be denied legal effect or enforceability solely because an electronic record was used in its formation. If a law requires a record to be in writing, an electronic record shall satisfy the […]
§ 10-10-15. Expenditure of Funds; Capitalization; Cost of Administration
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. 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. The capital raised shall be periodically […]
§ 10-12-8. Ability to Retain, Store, and Print Electronic Records; Requirements for Posting and Display of Records; Variation by Agreement
If parties have agreed to conduct a transaction by electronic means and a law requires a person to provide, send, or deliver information in writing to another person, the requirement shall be satisfied if the information is provided, sent, or delivered, as the case may be, in an electronic record capable of retention by the […]
§ 10-10-16. Five-Year Funding Period
The Invest Georgia Fund may be funded over a five-year period through guidelines developed by the board. In the first year of the Invest Georgia Fund, the state may provide $10 million to the Invest Georgia Fund; in the second year, $15 million; in the third year, $15 million; in the fourth year, $25 million; […]
§ 10-10-17. Allocation of Designated Capital
As soon as practicable after the board receives contributed capital, the board and each selected venture capital fund that has been allocated designated capital shall enter into a contract under which the allocated amount of designated capital shall be committed by the board to the selected venture capital funds for investment pursuant to this article. […]