Georgia § 45-10-24-1 Exemption for transactions by family owned business when university system employee has interest; requirements

Georgia Statutes

§ 45-10-24-1 — Exemption for transactions by family owned business when university system employee has interest; requirements

Subsection (a) of Code Section 45-10-23 and paragraph (2) of subsection (a) of Code Section 45-10-24 shall not apply to a transaction with a unit of the University System of Georgia by a family owned business in which an employee of the university system or a member of the employee's family has an ownership interest where all of the following apply:

(1)The employee or one or more members of the employee's family or both have an ownership interest in a family owned business, but the employee is not actively engaged in the day-to-day management of the business;

(2)The employee is employed by a department of the unit of the university system in a position below that of department head; and (3) The transaction is:

(A)With a unit of the university system different than the unit employing the

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Subsection (a) of Code Section 45-10-23 and paragraph (2) of subsection (a) of Code Section 45-10-24 shall not apply to a transaction with a unit of the University System of Georgia by a family owned business in which an employee of the university system or a member of the employee's family has an ownership interest where all of the following apply: (1) The employee or one or more members of the employee's family or both have an ownership interest in a family owned business, but the employee is not actively engaged in the day-to-day management of the business; (2) The employee is employed by a department of the unit of the university system in a position below that of department head; and (3) The transaction is: (A) With a unit of the university system different than the unit employing the employee; or (B) With a department of the employing unit of the university system different than the department employing the employee.

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