Georgia Code, Title 7, Chapter 1, Article 12 - Small Minority Business Development Corporations

• § 7-1-940 - 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)...
• § 7-1-941 - Creation of Corporations; Contents of Articles of Incorporation; Subscription and Acknowledgment
  (a) Five or more persons competent to contract, a majority of whom shall be residents of this state, who may desire to create a...
• § 7-1-942 - Approval of Articles by Department
  Whenever the articles shall have been filed in the office of the Secretary of State and approved by the department and all filing fees...
• § 7-1-943 - Standards for Approval of Articles by Department; Timing
  (a) Upon receipt of an application for approval of articles from a corporation organized pursuant to this article, the department shall exercise its discretion...
• § 7-1-944 - Filing Departmental Approval With Secretary of State
  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...
• § 7-1-945 - Corporate Powers
  In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by the laws of this state,...
• § 7-1-946 - Bond and Stock Holding Authority; Member Loans to Corporation Not Discriminatory
  Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of...
• § 7-1-947 - Application for Membership; Requirements for Loans to Corporation; Member Loan Limits
  (a) Any lending institution may request membership in the corporation by making application to the board of directors on such form and in such...
• § 7-1-948 - 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...
• § 7-1-949 - Powers of Shareholders and Members
  (a) The shareholders and the members of the corporation shall have the following powers of the corporation: (1) To determine the number of and...
• § 7-1-950 - 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...
• § 7-1-951 - 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,...
• § 7-1-952 - Setting Apart Net Earnings; Fiscal Year
  (a) Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established...
• § 7-1-953 - Deposit of Corporate Funds
  The corporation shall not deposit any of its funds in any bank or other financial institution unless such institution has been designated as a...
• § 7-1-954 - Departmental Power Over Corporations
  The department shall exercise the same power and authority over corporations organized under this article as is now or hereafter exercised over banks and...
• § 7-1-955 - First Meeting
  (a) The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time,...
• § 7-1-956 - Duration of Corporation; Dissolution
  (a) The period of duration of the corporation shall be 35 years, subject, however, to the right of its shareholders and the members to...
• § 7-1-957 - State Indebtedness Not to Be Created
  Under no circumstances shall the credit of the State of Georgia be pledged to any corporation organized under this article nor shall acts of...
• § 7-1-958 - Tax Exemptions, Credits, and Privileges; Occupational License Taxes
  (a) Any tax exemptions, tax credits, or tax privileges granted to banks or trust companies, building and loan associations, and other lending institutions by...

Last modified: October 14, 2016