The department shall not approve the articles until at least 15 lending institutions authorized to do business in this state have agreed in writing to become members of said corporation; and said written agreement shall be filed with the department with the articles, and the filing of same shall be a condition precedent to the approval of the articles by the 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 and taxes prescribed by law have been paid, the subscribers, their successors, and assigns shall constitute a corporation. Said corporation shall not be authorized to commence business until its articles are approved by the department. Upon such approval by the department, authorized stock of the corporation may thereafter be issued.
History. Ga. L. 1972, p. 798, § 4; Ga. L. 1973, p. 536, § 1; Code 1933, § 41A-3403, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1989, p. 1257, § 25.
Structure Georgia Code
Chapter 1 - Financial Institutions
Article 6 - Business Development Corporations
§ 7-1-741. Contents, Execution, and Presentation of Articles
§ 7-1-742. Action on Articles by Department; Preconditions to Doing Business
§ 7-1-743. Approval or Disapproval of Department
§ 7-1-745. Powers of Corporation
§ 7-1-746. Right to Deal in Corporation’s Stock or Obligations
§ 7-1-747. Applying for Membership; Loans by Members
§ 7-1-748. Duration of Membership; Withdrawal
§ 7-1-749. Powers of Shareholders and Members; Voting
§ 7-1-750. Amendment of Articles
§ 7-1-751. Board of Directors; Officers and Agents
§ 7-1-752. Earned Surplus; Fiscal Year
§ 7-1-753. Deposit of Corporate Funds; Corporation Not to Accept Deposits
§ 7-1-755. First Meeting and Organization
§ 7-1-756. Duration and Dissolution of Corporation
§ 7-1-757. State Credit Not Pledged
§ 7-1-758. Tax Exemptions; State and Local Occupational License Taxes