As used in this article, the term: “Board of directors” means any board of directors of a corporation created under this article. “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. […]
Five or more persons competent to contract, a majority of whom shall be residents of this state, who may desire to create a business development corporation under this article, for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the State of Georgia and, to that end, to exercise the powers […]
The department shall not approve the articles until at least 15 lending institutions authorized to do business in this state have agreed in writing to become members of said corporation; and said written agreement shall be filed with the department with the articles, and the filing of same shall be a condition precedent to the […]
Upon receipt of an application for approval of articles from a corporation organized pursuant to this article, the department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has ascertained to its satisfaction: That the public need and advantage will be promoted by the […]
Upon receiving the approval of the department, the incorporators shall file the same together with the fee specified by Code Section 7-1-862 with the Secretary of State. History. Code 1933, § 41A-3405, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1989, p. 946, § 71; Ga. L. 1989, p. 1257, § 26. […]
In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by the laws of this state, the corporation shall, subject to the restrictions and limitations contained in this Code section, have the following powers: To elect, appoint, and employ officers, agents, and employees; To make contracts and […]
Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization, or trust indentures: Any person, including all domestic corporations organized for the purpose of carrying on business within this state and further including, without implied limitation, public […]
Any lending institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acceptance of such application by said board. Each member of the corporation shall make member loans to the […]
Membership in the corporation shall be for the duration of the corporation, provided that, upon written notice given to the corporation two years in advance, a member may withdraw from membership in the corporation at the expiration of such notice. A member shall not be obligated to make any loans to the corporation pursuant to […]
The shareholders and the members of the corporation shall have the following powers of the corporation: To determine the number of and elect directors as provided in Code Section 7-1-751; To amend its articles as provided in Code Section 7-1-750; To dissolve the corporation as provided in Code Section 7-1-756; and To exercise such other […]
Except as provided in subsections (b) and (c) of this Code section and subject to the approval of the department, the articles may be amended by the votes of the shareholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds of the […]
The business affairs of the corporation shall be managed and controlled by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation shall authorize by its bylaws. The board of directors shall consist of such number, not less than 15 nor more than […]
Each year the corporation shall set apart as earned surplus not less than 10 percent of its net earnings for all the preceding fiscal year until such surplus shall be equal in value to one-half of the amount paid in on the capital then outstanding. Whenever the amount of surplus established in this Code section […]
The corporation shall not deposit any of its funds in any bank or other financial institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of […]
The department shall exercise the same power and authority over corporations organized under this article as is now or hereafter exercised over banks and trust companies by Articles 1 and 2 of this chapter where such law is not in conflict with this chapter. History. Ga. L. 1972, p. 798, § 14; Ga. L. 1973, […]
The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least five days before the day appointed for the meeting. Said first […]
The period of duration of a corporation organized under this article shall be 35 years, subject, however, to the right of its shareholders and the members to dissolve the corporation prior to the expiration of said period as provided in subsection (b) of this Code section, and further subject to any longer period of duration […]
Under no circumstances shall the credit of the State of Georgia be pledged to any corporation organized under this article nor shall acts of such corporation in any manner constitute or result in the creation of any indebtedness of the State of Georgia or any county or municipal corporation therein. History. Ga. L. 1972, p. […]
Any tax exemptions, tax credits, or tax privileges granted to banks or trust companies and other financial institutions by any general laws of this state are granted to corporations organized pursuant to this article. Every corporation organized and engaged in business under this article shall pay an annual state occupational license tax of $50.00. Counties […]
