Title 10, Chapter 10, Section 1
As used in this chapter, the term:
(1) "Board" means the Board of Regents of the University System of
(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, Paragraph VI(g) of the
Constitution of Georgia.
(3) "Enterprise" means a corporation, partnership, limited
liability company, or other legal entity that is less than five
years old, that has its principal place of business in this state,
and that is engaged in an entrepreneurial business, including, but
not limited to, tenants of incubators. For the purposes of this
chapter, an enterprise shall not be considered to be engaged in an
entrepreneurial business unless it is engaged in innovative work
in the areas of technology, manufacturing, marketing, agriculture,
or information related ventures that will increase the state's
share of domestic or international markets. An enterprise engaged
primarily in business of a mercantile nature shall not be
considered engaged in an entrepreneurial business.
(4) "Fund" means the Seed-Capital Fund created in Code Section 10-10-3.
(5) "Incubator" means a facility that leases small units of space
to tenants and which maintains or provides access to business
development services for use by the tenants or member firms.
(6) "Investment entity" means a limited partnership, a limited
liability company, or other legal entity providing limited
liability to its owners that is formed to receive, in part, an
investment by the fund and for which a general partner or manager
manages the capital contributions by making investments in
qualified securities of one or more enterprises as permitted by
this chapter and by paying the expenses of the investment entity.
(7) "Investment entity capital contribution" or "capital contribution" means the capital of an investment entity contributed by the fund, as created in Code Section 10-10-3, and contributed by other investors, which capital shall be used by the investment entity to make investments in qualified securities of one or more enterprises as provided by this chapter and to pay the expenses of the investment entity but shall not include any current or accumulated income of the investment entity.
(8) "Qualified security" means any note, stock, treasury stock
bond, debenture, evidence of indebtedness, certificate of interest
or participation in any profit-sharing agreement, preorganization
certificate or subscription, transferable share, investment
contract, certificate of deposit for a security, certificate of
interest or participation in a patent or application therefor or
in royalty or other payments under such a patent or application,
or, in general, any interest or instrument commonly known as a
security or any certificate for, receipt for, guarantee of, or
option, warrant, or right to subscribe to or purchase any of the
foregoing of an enterprise.
(9) "State" means the State of Georgia.