Definitions

As used in this part, the term: (1) “Concert with one or more persons” includes, but is not limited to, the following persons and relationships: (A) A company and any controlling shareholder, partner, trustee, or management official of the company if both the company and the individual own voting securities of the financial institution; (B) An individual and the individual’s immediate family; (C) Companies under common control; (D) Persons that are parties to any agreement, contract, un119 7-1-231 derstanding, or other arrangement, whether written or otherwise, regarding the acquisition, voting, or transfer of control of voting securities of a financial institution; (E) Persons that have made, or propose to make, a joint filing under Section 13 or 14 of the Securities Exchange Act of 1934 and the rules promulgated thereunder by the United States Securities and Exchange Commission; and (F) A person and any trust for which the person serves as trustee. (2) “Control” means the power directly or indirectly to direct the management or policies of a financial institution or to vote 25 percent or more of any class of voting securities of a financial institution. (3) “Person” means an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed in this paragraph. (4) “Presumption of control” means a person which directly or indirectly owns, controls, or has the power to vote more than 10 percent but less than 25 percent of any class of voting securities of a financial institution if no other persons will own, control, or hold the power to vote a greater percentage of that class of voting securities immediately after the transaction. History. Code 1933, § 41A-1005, enacted by Ga. L. 1980, p. 1076, § 1; Ga. L. 2022, p. 220, § 2/HB 891. Amendments. The 2022 amendment, effective July 1, 2022, added paragraph (1), redesig- nated former paragraphs (1) and (2) as paragraphs (2) and (3), and added paragraph (4). 7-1-231. Acquisition of control without approval prohibited.