TITLE 7 BANKING AND FINANCE

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

ARTICLE 12 SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS

7-1-943. Standards for approval of articles by department; timing.

1. 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:
   1. That the public need and advantage will be promoted by the establishment of the corporation;
   2. That conditions in the locality in which the corporation will transact business afford reasonable promise of a successful operation;
   3. That the applicants may legally invest in the stock of the corporation and that such investment would not be to the detriment of the applicants; and
   4. That the proposed officers and directors have sufficient experience, ability, and standing to afford reasonable promise of a successful operation.
2. Within 90 days after receipt of an application for approval of the articles, the department shall issue a certificate either granting or denying permission for the corporation to commence business, provided that in no instance shall the department grant such permission until it has ascertained to its satisfaction that the above conditions and circumstances have been met and that the articles are in accordance with this article.

(Code 1981, §7-1-943, enacted by Ga. L. 1988, p. 804, § 1; Ga. L. 1990, p. 176, § 3.)