Title 10 — Commerce and Trade
0 chapters · 906 sections in this title.
O.C.G.A. § 10-10-1 Definitions
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As used in this article, the term: (1) “Board” means the Board of Regents of the University System of Georgia. (2) “Center” means the Advanced Technology Development Center created by the board and acknowledged and empowered to administer the fund by Article III, Section IX, Para…
O.C.G.A. § 10-10-10 Creation; purpose
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Pursuant to the authority granted in Article III, Section IX, Paragraph VI(g) of the Constitution, there is hereby created the Invest Georgia Fund as a distinct component of the Seed-Capital Fund. The General Assembly declares that its purpose in creating the Invest Georgia Fund …
O.C.G.A. § 10-10-11 Definitions
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As used in this article, the term: (1) “Affiliate” means: (A) A person who, directly or indirectly, beneficially owns, 1280 10-10-11 SEED-CAPITAL FUND 10-10-11 controls, or holds power to vote any outstanding voting securities or other voting ownership interests of a venture capit…
O.C.G.A. § 10-10-12 Invest Georgia Board; creation; membership; powers
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(a) There is hereby created the Invest Georgia Board, which shall exercise the powers and perform the duties prescribed by this article. The exercise by the board of its powers and duties is hereby declared to be an essential state governmental function. The board shall be subjec…
O.C.G.A. § 10-10-13 Responsibilities of board
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The board’s primary responsibilities shall include: (1) Establishing an investment policy for the selection of a fund administrator; (2) Selecting a fund administrator to administer the provisions of this article; (3) Giving final approval to allocations of designated capital to t…
O.C.G.A. § 10-10-14 Fund administrator; investments
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(a) The fund administrator shall be selected by the board through a transparent open bid process and shall be responsible for administering the Invest Georgia Fund and for making all venture capital fund selections in accordance with the investment policies developed by the board…
O.C.G.A. § 10-10-15 Expenditure of funds; capitalization; cost of administration
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(a) The Invest Georgia Fund is created as a separate fund maintained by the board, and moneys shall be expended only as provided in this article. (b) The Invest Georgia Fund shall be capitalized through grants from the Seed-Capital Fund, designated appropriations to the center, a…
O.C.G.A. § 10-10-16 Five-year funding period
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The Invest Georgia Fund may be funded over a five-year period through guidelines developed by the board. In the first year of the Invest Georgia Fund, the state may provide $10 million to the Invest Georgia Fund; in the second year, $15 million; in the third year, $15 million; in t…
O.C.G.A. § 10-10-17 Allocation of designated capital
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(a) As soon as practicable after the board receives contributed 1290 10-10-17 SEED-CAPITAL FUND 10-10-17 capital, the board and each selected venture capital fund that has been allocated designated capital shall enter into a contract under which the allocated amount of designated…
O.C.G.A. § 10-10-18 Reports
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(a) Not later than December 31 of each year, each venture capital fund shall report to the board: (1) The amount of designated capital remaining uninvested at the end of the preceding calendar year; (2) All qualified investments made during the preceding calendar year, including t…
O.C.G.A. § 10-10-19 Retention of designated capital and investment returns
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Designated capital and investment returns resulting from the qualified investments made under this article shall be retained and used to 1292 10-10-19 SEED-CAPITAL FUND 10-10-20 make additional qualified investments in venture capital funds selected by the fund administrator; provi…
O.C.G.A. § 10-10-2 Definitions
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Creation of Seed-Capital Fund. Administration of fund; equity contributions; disbursements. Investing of funds with investment entities. Transfer of funds for making loans. Distribution to be deposited in the fund. Publishing of annual report by center. 10-10-3. 10-10-4. 10-10-5.…
O.C.G.A. § 10-10-20 Report on implementation of article
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(a)(1) On or before January 1, 2015, and January 1 of each subsequent year, the fund administrator, through the board, shall submit a report on the implementation of this article to the Governor, the Lieutenant Governor, the Speaker of the House of Representatives, and the chairp…
O.C.G.A. § 10-10-3 Administration of fund; equity contributions; disbursements
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(a) The fund is created as a separate fund maintained by the board or a body designated by the board and shall be expended only as provided in this article. Pending their use as equity contributions or as loans, the moneys in the fund may be invested and reinvested in accordance …
O.C.G.A. § 10-10-4 Investing of funds with investment entities
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(a) The center, subject to the approval of the board or its designee, may authorize transfers from the fund to make equity contributions through the direct purchase of qualified securities of enterprises, subject to the center assuring itself that the following conditions will be …
O.C.G.A. § 10-10-5 Transfer of funds for making loans
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The center, subject to the approval of the board or its designee, may authorize transfers from the fund to make unsecured or secured loans. With respect to such loans, the center, acting on behalf of the state and the fund, shall have the authority to sell loans, mortgages, secur…
O.C.G.A. § 10-10-6 Distribution to be deposited in the fund
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All distributions made by an investment entity allocable to the state’s limited partner interest or membership interest therein; all cash proceeds with respect to any loan, whether interest, the repayment of principal, or other amounts; or proceeds of the sale or transfer of qual…
O.C.G.A. § 10-10-7 Publishing of annual report by center
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The center, on behalf of the board, shall publish in print or electronically an annual report which shall be made available to the Governor, the General Assembly, the Department of Economic Development or any successor agency, the chairperson of the House Committee on Economic De…