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GEORGIA CODE (Last Updated: August 20, 2013) |
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Title 10. COMMERCE AND TRADE |
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Chapter 5. GEORGIA UNIFORM SECURITIES |
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Article 6. ADMINISTRATION |
| § 10-5-70. Administration of chapter; Commissioner of Securities; authority |
| § 10-5-71. Powers of Commissioner |
| § 10-5-72. Violations; remedies and penalties |
| § 10-5-73. Cease and desist orders; denying, revoking, or conditioning exemptions for broker-dealers |
| § 10-5-74. Issuance of forms and orders; adoption and amendment of rules |
| § 10-5-75. Register of applications for registration of securities; registration statements; notice filings; notices of claims; furnishing of rules, forms, orders, and records to the public |
| § 10-5-76. Public records; exceptions |
| § 10-5-77. Intergovernmental cooperation, coordination, and consultation; sharing of records and information |
| § 10-5-78. Rules and orders issued under this chapter subject to judicial review |
| § 10-5-79. Applicability of chapter to certain offers to purchase or sell |
| § 10-5-80. Consent to service of process |
REFS & ANNOS
TITLE 10 Chapter 5 Article 6 NOTE
LAW REVIEWS. --For article, "Securities Investigations Under the Georgia Securities Act," see 17 Ga. St. B.J. 14 (1980).
JUDICIAL DECISIONS
EDITOR'S NOTES. --In light of the similarity of the statutory provisions, decisions under former O.C.G.A. § 10-5-11, which was subsequently repealed but was succeeded by provisions in this article, are included in the annotations for this article.
PRIVILEGE AGAINST INCRIMINATION. --Generally, corporate books and records cannot be insulated from reasonable demands by governmental authorities by claim of personal privilege as the privilege only applies to private property of a person claiming a privilege; thus, a corporate officer may not withhold testimony or documents on the ground that the corporation would be incriminated, nor may the custodian of corporate books or records withhold the books or records on the ground that the custodian personally might be incriminated by their production. Jacobs v. State, 157 Ga. App. 466, 278 S.E.2d 21 (1981) (decided under former O.C.G.A. § 10-5-11).
Custodian of corporate or association books, by accepting custodianship, voluntarily assumes duty which overrides a claim of privilege with respect to production of records themselves, but does not waive a constitutional privilege as to oral testimony; therefore, a corporate officer who is a custodian of records may not resist production of corporate books in response to a subpoena even though such books may tend to incriminate the officer as an individual. Jacobs v. State, 157 Ga. App. 466, 278 S.E.2d 21 (1981) (decided under former O.C.G.A. § 10-5-11).
CUSTODIAN MUST PRODUCE AND IDENTIFY RECORDS. --Custodian of corporate records must produce records if the custodian has the records and the custodian may also be required to identify the records. Jacobs v. State, 157 Ga. App. 466, 278 S.E.2d 21 (1981) (decided under former O.C.G.A. § 10-5-11).
DISCLOSURE OF WHEREABOUTS OF RECORDS OR WHO HAS POSSESSION. --Custodian of corporate records may not be required to disclose whereabouts of such records or who has possession of the records if the custodian claims personal privilege of refusing to answer on ground that to do so would tend to incriminate the custodian. Jacobs v. State, 157 Ga. App. 466, 278 S.E.2d 21 (1981) (decided under former O.C.G.A. § 10-5-11).
RESEARCH REFERENCES
AM. JUR. 2D. --69A Am. Jur. 2d, Securities Regulation -- State, § 79.
C.J.S. --79A C.J.S., Securities Regulation and Commodity Futures Trading Regulation, § 413.
JUDICIAL DECISIONS
EDITOR'S NOTES. --In light of the similarity of the statutory provisions, decisions under former O.C.G.A. § 10-5-11, which was subsequently repealed but was succeeded by provisions in this article, are included in the annotations for this article.
PRIVILEGE AGAINST INCRIMINATION. --Generally, corporate books and records cannot be insulated from reasonable demands by governmental authorities by claim of personal privilege as the privilege only applies to private property of a person claiming a privilege; thus, a corporate officer may not withhold testimony or documents on the ground that the corporation would be incriminated, nor may the custodian of corporate books or records withhold the books or records on the ground that the custodian personally might be incriminated by their production. Jacobs v. State, 157 Ga. App. 466, 278 S.E.2d 21 (1981) (decided under former O.C.G.A. § 10-5-11).
Custodian of corporate or association books, by accepting custodianship, voluntarily assumes duty which overrides a claim of privilege with respect to production of records themselves, but does not waive a constitutional privilege as to oral testimony; therefore, a corporate officer who is a custodian of records may not resist production of corporate books in response to a subpoena even though such books may tend to incriminate the officer as an individual. Jacobs v. State, 157 Ga. App. 466, 278 S.E.2d 21 (1981) (decided under former O.C.G.A. § 10-5-11).
CUSTODIAN MUST PRODUCE AND IDENTIFY RECORDS. --Custodian of corporate records must produce records if the custodian has the records and the custodian may also be required to identify the records. Jacobs v. State, 157 Ga. App. 466, 278 S.E.2d 21 (1981) (decided under former O.C.G.A. § 10-5-11).
DISCLOSURE OF WHEREABOUTS OF RECORDS OR WHO HAS POSSESSION. --Custodian of corporate records may not be required to disclose whereabouts of such records or who has possession of the records if the custodian claims personal privilege of refusing to answer on ground that to do so would tend to incriminate the custodian. Jacobs v. State, 157 Ga. App. 466, 278 S.E.2d 21 (1981) (decided under former O.C.G.A. § 10-5-11).
RESEARCH REFERENCES
AM. JUR. 2D. --69A Am. Jur. 2d, Securities Regulation -- State, § 79.
C.J.S. --79A C.J.S., Securities Regulation and Commodity Futures Trading Regulation, § 413.