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GEORGIA CODE (Last Updated: August 20, 2013) |
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Title 7. BANKING AND FINANCE |
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Chapter 1. FINANCIAL INSTITUTIONS |
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Article 2. BANKS AND TRUST COMPANIES |
| Part 1. GENERAL MATTERS |
| § 7-1-240. Powers and restrictions applicable when acting as bank and trust company |
| § 7-1-241. Restrictions on engaging in banking business |
| § 7-1-242. Restriction on corporate fiduciaries |
| § 7-1-243. Restrictions on banking and trust nomenclature |
| § 7-1-244. Deposit insurance requirements; public notices when deposits not properly insured |
| Part 2. GENERAL POWERS OF BANKS AND TRUST COMPANIES |
| § 7-1-260. General corporate powers |
| § 7-1-261. Additional operational powers |
| § 7-1-262. Power to hold real estate; prior approval of acquisitions |
| § 7-1-263. Property held to avoid loss |
| Part 3. POWERS OF BANKS |
| § 7-1-280. Major banking powers |
| § 7-1-281. Participation in federal programs |
| § 7-1-282. Direct leasing of personal and real property |
| § 7-1-283. Participations |
| § 7-1-284. Acceptances |
| § 7-1-285. Limits on obligations of one person or corporation |
| § 7-1-286. Real estate loans; acquisition by bank or trust company of ownership interest |
| § 7-1-287. Dealings in securities; conflicts of interest; divestiture and fines |
| § 7-1-288. Corporate stock and securities |
| § 7-1-289. Security for deposits |
| § 7-1-290. Powers as surety or guarantor |
| § 7-1-291. Borrowings; liabilities not subject to restrictions; restrictions; borrowing for emergencies. |
| § 7-1-292. Interest and fees |
| § 7-1-293. Savings banks and state savings and loan associations |
| § 7-1-294. Transaction of business on holidays and outside of banking hours |
| § 7-1-295. Transaction fees charged by operators of automated teller machines |
| Part 4. POWERS OF TRUST COMPANIES |
| § 7-1-310. Powers to act as fiduciary and in other representative capacities |
| § 7-1-311. Operations as a fiduciary |
| § 7-1-312. Nonfiduciary investments |
| § 7-1-313. Collective investment funds |
| § 7-1-314. Purchase in fiduciary capacity of securities underwritten by syndicate including institution |
| § 7-1-315. Satisfaction of fiduciary obligations respecting investment of funds awaiting investment or distribution and charging of fees |
| Part 4A. AFFILIATE TRANSFERS |
| § 7-1-320. Definitions |
| § 7-1-321. Affiliate transfers authorized; powers and duties of affiliated trust company transferees |
| § 7-1-322. Effect of affiliate transfer on bank; abandonment of transfer; substituted fiduciary |
| § 7-1-323. Appointment of affiliated trust company as agent for bank; liability of bank for actions of agent |
| § 7-1-324. Designation of affiliate trust company as successor fiduciary |
| § 7-1-325. Other banking laws unaffected by part |
| Part 5. FIDUCIARY INVESTMENT COMPANIES |
| § 7-1-330. Definitions |
| § 7-1-331. Organization; approval by department |
| § 7-1-332. Incorporation |
| § 7-1-333. Limitations on investments |
| § 7-1-334. Corporate powers; limitations and restrictions |
| § 7-1-335. Rules and regulations; examinations |
| § 7-1-336. Advertisement of participation; financial reports |
| § 7-1-337. Investment advisers |
| § 7-1-338. Prohibition on refusing participation |
| Part 6. DEPOSITS, SAFE-DEPOSIT AGREEMENTS, AND MONEY RECEIVED FOR TRANSMISSION |
| § 7-1-350. Notice of rules governing deposits |
| § 7-1-351. Minors' deposits and safe-deposit agreements |
| § 7-1-352. Deposit by agent, trustee, or other fiduciary |
| § 7-1-353. Adverse claims to deposits and property held in safe deposit |
| § 7-1-354. Money received for transmission |
| § 7-1-355. Agreements concerning safe deposits |
| § 7-1-356. Procedures on death or incompetence of safe depositor |
| § 7-1-357. Payment of deposit of deceased depositor; deposit by nursing home of moneys left in its possession upon death of resident |
| § 7-1-358. Dormant accounts |
| § 7-1-359. Fee prohibited for conducting search of dormant, abandoned, or unclaimed deposit accounts; commission or finder's fee allowed |
| § 7-1-360. Third-party claims; notification of disclosure by third party to depositor; motion to quash disclosure |
| Part 7. BANKING DEPOSITORIES, RESERVES, AND REMISSIONS |
| § 7-1-370. Deposits by banks |
| § 7-1-371. Legal reserve requirements; notice of deficiency; penalty; effect of deficiency |
| § 7-1-372. Remission of checks at par; collection charge; service charge |
| Part 8. INCORPORATION OF BANKS AND TRUST COMPANIES |
| § 7-1-390. Incorporators |
| § 7-1-390.1. Organization of bank or trust company as limited liability company; promulgation of rules and regulations governing |
| § 7-1-391. Prohibition of promoters' fees |
| § 7-1-392. Articles of incorporation; advertisement of articles or notice of application; naming registered agent |
| § 7-1-393. Additional filings with department; fees |
| § 7-1-394. Investigation; approval or disapproval by department; abbreviated procedures |
| § 7-1-395. Issuance of certificate of incorporation |
| § 7-1-396. Effect of certificate of incorporation; permit to begin business |
| § 7-1-397. Organizational meetings |
| § 7-1-398. Liability for premature business |
| Part 9. FINANCIAL STRUCTURE |
| § 7-1-410. Minimum capital stock |
| § 7-1-411. Paid-in capital and appropriated retained earnings |
| § 7-1-412. Beginning business expense fund |
| § 7-1-413. Classes of shares |
| § 7-1-414. Purchase, redemption, and convertibility of shares and debt securities |
| § 7-1-415. Consideration for shares |
| § 7-1-416. Method of issuance |
| § 7-1-417. Share certificates and debt security instruments |
| § 7-1-418. Issuance and transfer of fractional shares or scrip |
| § 7-1-419. Subordinated securities |
| Part 10. SHAREHOLDERS |
| § 7-1-430. Liability of subscribers and shareholders |
| § 7-1-431. Preemptive rights |
| § 7-1-432. Meetings of shareholders |
| § 7-1-433. Closing of transfer books or fixing record date |
| § 7-1-434. Voting list |
| § 7-1-435. Quorum of shareholders |
| § 7-1-436. Voting of shares |
| § 7-1-437. Proxies |
| § 7-1-438. Shareholders' agreements |
| § 7-1-439. Books and records |
| § 7-1-440. Derivative actions by shareholders -- When proper |
| § 7-1-441. Derivative actions by shareholders -- Restrictions on |
| Part 11. DIVIDENDS, DISTRIBUTIONS, AND PREFERRED SHARE ACQUISITION |
| § 7-1-460. Restrictions on payment of dividends; limitation of actions for dividends or distributions |
| § 7-1-461. Distribution upon reduction of capital stock or paid-in capital |
| § 7-1-462. Dividends and distributions must be authorized by chapter |
| § 7-1-463. Preferred share acquisition |
| Part 12. MANAGEMENT |
| § 7-1-480. Board of directors |
| § 7-1-481. Adopting, amending, and repealing bylaws |
| § 7-1-482. Number, term, and compensation of directors; effect of failure to maintain at least five directors |
| § 7-1-483. Meetings of board; quorum; committees; acting without meeting |
| § 7-1-484. Oath of directors; liability of persons who have not subscribed to such oath |
| § 7-1-485. Removal of directors; vacancies |
| § 7-1-486. Honorary and advisory positions |
| § 7-1-487. Audits and financial reports |
| § 7-1-488. Officers, agents, and employees; employee share plans |
| § 7-1-489. Bonds |
| § 7-1-490. Responsibility of directors and officers; delegation of investment decisions |
| § 7-1-491. Financing involving directors or officers |
| § 7-1-492. Prohibitions applicable to directors, officers, and employees |
| § 7-1-493. Actions against directors and officers |
| § 7-1-494. Liability of directors in certain cases |
| Part 13. AMENDMENT OF ARTICLES |
| § 7-1-510. Authorized amendments; articles entirely restated; notice to Secretary of State |
| § 7-1-511. Proposal and adoption of amendments |
| § 7-1-512. Execution, contents, filing, and effect of articles of amendment |
| § 7-1-513. Certification of articles of amendment; delivery to bank or trust company; publication of notice |
| § 7-1-514. Approval or disapproval of articles of amendment |
| § 7-1-515. Issuance of certificate of amendment |
| § 7-1-516. Effect of certificate of amendment |
| Part 14. MERGER AND CONSOLIDATION OF STATE BANKS AND TRUST COMPANIES |
| § 7-1-530. Authority to merge or consolidate; merger, consolidation, or share exchange across state lines; required provisions of the merger plan |
| § 7-1-531. Requirements for merger, share exchange, or consolidation plan; modification of plan |
| § 7-1-532. Execution, contents, and filing of articles of merger, share exchange, or consolidation; notice; filing amendment |
| § 7-1-533. Additional filings with department |
| § 7-1-534. Approval or disapproval by department |
| § 7-1-535. Procedure after approval by department; federal approval or disapproval; issuance of certificate of merger, share exchange, or consolidation |
| § 7-1-536. Effect of merger, share exchange, or consolidation |
| § 7-1-537. Rights of dissenting shareholders; surrender of certificates |
| Part 15. CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS |
| § 7-1-551. National bank to state bank or trust company conversions, mergers, and consolidations -- Articles of conversion, merger, or consolidation |
| § 7-1-552. National bank to state bank or trust company conversions, mergers, and consolidations -- Filings with department; publication of notice |
| § 7-1-553. National bank to state bank or trust company conversions, mergers, and consolidations -- Approval or disapproval by department; federal approval or disapproval |
| § 7-1-554. National bank to state bank or trust company conversions, mergers, and consolidations -- Issuance of certificate of conversion, consolidation, or merger |
| § 7-1-555. National bank to state bank or trust company conversions, mergers, and consolidations -- Effect of issuance of certificate |
| § 7-1-556. State bank or trust company to national bank or federal savings institution conversions, mergers, or consolidations |
| § 7-1-557. Merger, consolidation, or share exchange of nonbank corporations into national banks |
| Part 16. SALE AND OTHER DISPOSITION OF ASSETS |
| § 7-1-570. Secured transactions and other dispositions of assets not requiring shareholder approval |
| § 7-1-571. Sale, lease, exchange, or other disposition of assets requiring shareholder approval |
| § 7-1-572. Right of shareholder to dissent |
| Part 17. REPRESENTATIVE OFFICES AND REGISTRATION |
| § 7-1-590. Definitions |
| § 7-1-591. Establishment of representative office by bank or bank holding company domiciled in state |
| § 7-1-592. Establishment of representative office by bank or holding company domiciled outside of state |
| § 7-1-593. Registration of bank or bank holding company having representative office in state |
| § 7-1-594. Registration of banks or bank holding companies conducting agency relationships |
| Part 18. BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES |
| § 7-1-600. Definitions |
| § 7-1-601. Branch offices |
| § 7-1-602. Applications for branch offices |
| § 7-1-603. Extension of existing banking locations; automated teller machines, cash dispensing machines, point-of-sale terminals, and other extensions |
| § 7-1-604. Banking business prohibited except as allowed by Title 7 |
| § 7-1-605. Bank holding companies -- Definitions; when company deemed to control shares |
| § 7-1-606. Bank holding companies -- Actions unlawful without prior approval of commissioner; exceptions |
| § 7-1-607. Bank holding companies -- Registration, reporting, examinations, and control |
| § 7-1-608. Bank holding companies -- Lawful and unlawful acquisitions, formations, and mergers |
| § 7-1-609. Civil actions by department to enforce part |
| § 7-1-610. National bank rights |
| § 7-1-611. Penalties for violations |
| § 7-1-612. Power of banks to contract with other banks for trust services |
| Part 19. INTERSTATE ACQUISITIONS OF BANKS AND BANK HOLDING COMPANIES |
| § 7-1-620. Purpose of this part |
| § 7-1-621. Definitions |
| § 7-1-622. Provisions applicable to interstate acquisitions or mergers by bank holding companies; eligibility of applicants; commissioner's ruling required |
| § 7-1-623. Acquisitions not requiring department approval |
| § 7-1-624. Prohibited acquisitions |
| § 7-1-625. Provisions applicable to, and qualification of, bank holding companies in state; reciprocal agreements; confidentiality of reports |
| § 7-1-626. Severability; construction with other laws |
| § 7-1-627. Resolution to except bank or bank holding company from acquisition; severability |
| Part 20. INTERSTATE BANKING AND BRANCHING BY MERGER |
| § 7-1-628. Purpose and scope of part |
| § 7-1-628.1. Definitions |
| § 7-1-628.2. Mergers permitted; applicable provisions |
| § 7-1-628.3. Prohibited interstate merger transactions |
| § 7-1-628.4. Permissible interstate merger transactions |
| § 7-1-628.5. Requirement for out-of-state bank that is resulting bank of interstate merger transaction |
| § 7-1-628.6. Powers of out-of-state banks branching into Georgia |
| § 7-1-628.7. Examinations and reports; powers of commissioner |
| § 7-1-628.8. Restrictions on de novo branches |
| § 7-1-628.9. Restrictions on purchase of branches |
| § 7-1-628.10. Enforcement actions by commissioner |
| § 7-1-628.11. Regulations; administrative fees |
| § 7-1-628.12. Reports required of out-of-state state banks |
| § 7-1-628.13. Notice of merger consolidation, or other transaction involving out-of-state bank |
| § 7-1-628.14. Severability; construction with other laws |
| § 7-1-628.15. Tax treatment |
REFS & ANNOS
TITLE 7 Chapter 1 Article 2 NOTE
LAW REVIEWS. --For survey article on business associations, see 34 Mercer L. Rev. 13 (1982).
OPINIONS OF THE ATTORNEY GENERAL
INVESTMENT PROGRAMS OFFERED JOINTLY BY BANKS AND BROKERAGE FIRMS. --A brokerage firm is not prohibited, by virtue of O.C.G.A. Art. 2, Ch. 1, T. 7 and O.C.G.A. § 7-1-241, from offering, in conjunction with a bank, an investment program whereby the brokerage permits customers to maintain special accounts and receives and transmits money in connection with such accounts. 1981 Op. Att'y Gen. No. 81-59.
RESEARCH REFERENCES
ALR. --Bank to which paper is sent for collection of principal or interest as agent of obligor, 55 ALR 1168.
Effect of appointment of conservator for bank, 91 ALR 234; 92 ALR 1258; 107 ALR 1431.
Legal questions presented by the reopening of closed bank, 99 ALR 1217.
State banks, insurance companies, or building and loan associations, which are members of federal reserve bank or similar federal agency, or national banks, as within state social security or Unemployment Compensation Act, 165 ALR 1250.
OPINIONS OF THE ATTORNEY GENERAL
INVESTMENT PROGRAMS OFFERED JOINTLY BY BANKS AND BROKERAGE FIRMS. --A brokerage firm is not prohibited, by virtue of O.C.G.A. Art. 2, Ch. 1, T. 7 and O.C.G.A. § 7-1-241, from offering, in conjunction with a bank, an investment program whereby the brokerage permits customers to maintain special accounts and receives and transmits money in connection with such accounts. 1981 Op. Att'y Gen. No. 81-59.
RESEARCH REFERENCES
ALR. --Bank to which paper is sent for collection of principal or interest as agent of obligor, 55 ALR 1168.
Effect of appointment of conservator for bank, 91 ALR 234; 92 ALR 1258; 107 ALR 1431.
Legal questions presented by the reopening of closed bank, 99 ALR 1217.
State banks, insurance companies, or building and loan associations, which are members of federal reserve bank or similar federal agency, or national banks, as within state social security or Unemployment Compensation Act, 165 ALR 1250.