TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

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. "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.

(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.)

The 2016 amendment, effective July 1, 2016, deleted "building and loan association," following "trust company," in paragraph (3).