Georgia Code, Title 7, Chapter 1, Article 6 - Business Development Corporations

• § 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)...
• § 7-1-741 - Contents, Execution, and Presentation of Articles
  (a) Five or more persons competent to contract, a majority of whom shall be residents of this state, who may desire to create a...
• § 7-1-742 - Action on Articles by Department; Preconditions to Doing Business
  The department shall not approve the articles until at least 15 lending institutions authorized to do business in this state have agreed in writing...
• § 7-1-743 - Approval or Disapproval of Department
  (a) Upon receipt of an application for approval of articles from a corporation organized pursuant to this article, the department shall exercise its discretion...
• § 7-1-744 - Filing of Articles
  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...
• § 7-1-745 - Powers of Corporation
  In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by the laws of this state,...
• § 7-1-746 - Right to Deal in Corporation's Stock or Obligations
  Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of...
• § 7-1-747 - Applying for Membership; Loans by Members
  (a) Any lending institution may request membership in the corporation by making application to the board of directors on such form and in such...
• § 7-1-748 - Duration of Membership; Withdrawal
  (a) Membership in the corporation shall be for the duration of the corporation, provided that, upon written notice given to the corporation two years...
• § 7-1-749 - Powers of Shareholders and Members; Voting
  (a) The shareholders and the members of the corporation shall have the following powers of the corporation: (1) To determine the number of and...
• § 7-1-750 - Amendment of Articles
  (a) Except as provided in subsections (b) and (c) of this Code section and subject to the approval of the department, the articles may...
• § 7-1-751 - Board of Directors; Officers and Agents
  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,...
• § 7-1-752 - Earned Surplus; Fiscal Year
  (a) Each year the corporation shall set apart as earned surplus not less than 10 percent of its net earnings for all the preceding...
• § 7-1-753 - Deposit of Corporate Funds; Corporation Not to Accept Deposits
  The corporation shall not deposit any of its funds in any bank or other financial institution unless such institution has been designated as a...
• § 7-1-754 - Supervision
  The department shall exercise the same power and authority over corporations organized under this article as is now or hereafter exercised over banks and...
• § 7-1-755 - First Meeting and Organization
  (a) The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time,...
• § 7-1-756 - Duration and Dissolution of Corporation
  (a) The period of duration of a corporation organized under this article shall be 35 years, subject, however, to the right of its shareholders...
• § 7-1-757 - State Credit Not Pledged
  Under no circumstances shall the credit of the State of Georgia be pledged to any corporation organized under this article nor shall acts of...
• § 7-1-758 - Tax Exemptions; State and Local Occupational License Taxes
  (a) Any tax exemptions, tax credits, or tax privileges granted to banks or trust companies, building and loan associations, and other financial institutions by...

Last modified: October 14, 2016