Title 31, Chapter 7, Section 400
( 31-7-400)
As used in this article the term: (1) "Acquiring entity" means an individual, business corporation,
general partnership, limited partnership, limited liability
company, limited liability partnership, joint venture, nonprofit
corporation, hospital authority, or any other for profit or not
for profit entity which is a purchaser or lessee of an
acquisition. (2) "Acquisition" means a purchase or lease by an acquiring entity
of the assets of a hospital which is owned, controlled, or
operated by a nonprofit corporation and which meets one or more of
the following conditions: (A) Constitutes a purchase or lease of 50 percent or more of the
assets of a hospital having a permit under this chapter; or (B) Constitutes a purchase or lease which, when combined with
one or more transfers between the same or related parties
occurring within a five-year period, constitutes a purchase or
lease of 50 percent or more of the assets of a hospital having a
permit under this chapter; provided, however, that an acquisition does not include the
restructuring of a hospital owned by a hospital authority
involving a lease of assets to any not for profit or for profit
entity which has a principal place of business located in the same
county where the main campus of the hospital in question is
located and which is not owned, in whole or in part, or controlled
by any other for profit or not for profit entity whose principal
place of business is located outside such county; provided,
further, that an acquisition does not include a restructuring of a
nonprofit health system involving the purchase or lease of the
assets of a hospital controlled as of March 1, 1999, by the health
system's nonprofit parent corporation by another nonprofit entity
which is both exempt from federal income taxation and controlled
by the same nonprofit parent corporation. (3) "Attorney General" means the Attorney General of the State of
Georgia or some other attorney employed in the Attorney General's
office and designated to perform the functions required by this
article. (4) "Control" or "controlling interest" means ownership of 50
percent or more of the assets of the entity in question or the
ability to influence significantly the operations or decisions of
the entity in question. (5) "Disposition" means a sale or lease of the assets of a
hospital which is owned, controlled, or operated by a nonprofit
corporation to an acquiring entity which meets one or more of the
following conditions: (A) Constitutes a sale or lease of 50 percent or more of the
assets of a hospital having a permit under this chapter; or (B) Constitutes a sale or lease which, when combined with one or
more transfers between the same or related parties occurring
within a five-year period, constitutes a sale or lease of 50
percent or more of the assets of a hospital having a permit
under this chapter; provided, however, that a disposition does not include the
restructuring of a hospital owned by a hospital authority
involving a lease of assets to any not for profit or for profit
entity which has a principal place of business located in the same
county where the main campus of the hospital in question is
located and which is not owned, in whole or in part, or controlled
by any other for profit or not for profit entity whose principal
place of business is located outside such county; provided,
further, that a disposition does not include a restructuring of a
nonprofit health system involving the sale or lease of the assets
of a hospital controlled as of March 1, 1999, by the health
system's nonprofit parent corporation to another nonprofit entity
which is both exempt from federal income taxation and controlled
by the same nonprofit parent corporation. (6) "Family" means a spouse, child, or sibling. (7) "Financial interest" means the direct or indirect ownership of
any assets or stock of any business. (8) "Hospital" means any institution classified and having a
permit as a hospital from the department pursuant to this chapter
and the department's rules and regulations. (9) "Related party" means an individual, business corporation,
general partnership, limited partnership, limited liability
company, limited liability partnership, joint venture, nonprofit
corporation, or any other for profit or not for profit entity that
owns or controls, is owned or controlled by, or operates under
common ownership or control with a party in question. (10) "Transaction" means an acquisition and disposition. |