Major banking powers

Subject to restrictions contained in this chapter or in its articles, a bank shall have the power: (1) To receive money or commercial paper for deposit and to provide by its rules or by agreement for the terms of withdrawal and interest thereon; (2) To act as an agent to collect checks, drafts, and other items of commercial paper and in exercising this power to become a member of a clearing-house and grant security interests in its assets for its qualification therein; (3) To lend money and discount or purchase evidence of indebtedness and agreements for the payment of money and to take security 149 7-1-280 title or security interests in real or personal property to secure obligations owing thereunder; (4) To service loans made by it or by others whether or not held by the bank; (5) To issue, advise, and confirm letters of credit authorizing the beneficiaries thereof to draw upon the bank or its correspondents; (6) To receive money for transmission; (7) To buy and sell exchange, coin, and bullion; and (8) To provide third-party payments services. History. Ga. L. 1919, p. 135, art. 17, § 1; Code 1933, § 13-1801; Code 1933, § 41A-1301, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1985, p. 258, § 4; Ga. L. 1986, p. 458, § 5.