Section 7-1-557. Merger, consolidation, or share exchange of nonbank corporations into national banks

   A national bank located in this state may merge or consolidate with, or enter into a share exchange with, a corporation other than a bank or trust company, provided that:

   (1) Such merger, share exchange, or consolidation is permitted by the laws of the United States and such laws are complied with;

   (2) The laws governing the merger, share exchange, or consolidation of such corporation are complied with;

   (3) The resulting institution of the merger or consolidation, or the acquired bank in a share exchange, is a national bank;

   (4) The resulting institution of the merger or consolidation, or the acquired bank in a share exchange, holds only assets and liabilities and engages only in activities which may be held or engaged in by a national bank located in this state; and

   (5) The merger, share exchange, or consolidation is not otherwise unlawful.

Code 1933, § 41A-2508, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2007, p. 502, § 12/SB 70.