TITLE 7 BANKING AND FINANCE

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

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. "Corporation" means a Georgia small minority business development corporation created under this article;
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 7-1-947.
7. "Minority person" means a lawful permanent resident of the United States who is:
   1. Black;
   2. Hispanic;
   3. Asian-Pacific American;
   4. Native American; or
   5. Asian-Indian American.
8. "Small minority business" means any for profit corporation, partnership, proprietorship, association, or other business entity which:
   1. Is at least 51 percent owned and controlled by minority persons and whose management and daily operation are controlled by one or more of the minority persons who own it;
   2. Has gross revenue of less than $6 million in a 12 month fiscal year;
   3. Has a net profit after taxes for each of the last two taxable years of less than $1 million;
   4. Employs less than 500 people; and
   5. Is not a lending institution.

(Code 1981, §7-1-940, enacted by Ga. L. 1988, p. 804, § 1; Ga. L. 2016, p. 390, § 7-4/HB 811.)

The 2016 amendment, effective July 1, 2016, deleted "building and loan association," preceding "savings and loan association" in paragraph (3).