Title 7

A sale, lease, exchange, or other disposition of all, or substantially all, the property and assets, with or without the good will, of a bank or trust company, in all cases other than those dealt with in Code Section 7-1-570, regarding secured transactions, may be made upon such …

A shareholder of a bank or trust company shall have the right to dissent from any sale, lease, exchange, or other disposition of all, or substantially all, the property and assets of a bank or trust company pursuant to Code Section 7-1-571, except for a sale wholly for cash pursu…

As used in this part, the term: (1) “Bank” and “bank holding company” shall have the same meaning as in Part 18 of this article. A “banking business” is the business which a bank is authorized to do pursuant to this title. The power to receive deposits or the performance of any t…

(a) A bank domiciled in this state and operating under the laws of this state or a subsidiary of such bank may establish a representative office anywhere in the state upon registering with the department. A bank holding company domiciled in this state and operating under the laws…

A bank or bank holding company domiciled in this state and operating under the laws of the United States or domiciled outside this state and operating under the laws of such other state or territory or of the United States, or its subsidiary, may establish representative offices …

(a) Prior to closing a representative office, a bank, bank holding company, or a subsidiary of a bank or bank holding company shall post notice of the closing as required by Code Section 7-1-110.1. (b) The department may review the operations of any representative office annually…

As used in this part, the term: (1) “Bank” means any moneyed corporation authorized by law to receive deposits of money and commercial paper, to make loans, to discount bills, notes, and other commercial paper, to buy and sell bills of exchange, and to issue bills, notes, accepta…

(a) Branch offices may be established by banks doing a lawful banking business in Georgia with the prior approval of the department as follows: (1) New or additional branch offices may be established de novo in the manner provided in Code Section 7-1-602; (2) New or additional br…

(a) Application to establish a branch office shall be made to the department in such form as it may prescribe from time to time. The department shall exercise its discretion in its consideration of the application; but the department shall not approve the application until it has…

(a) An approved banking location may have an extension, which is not a branch or main office, at which banking activities may occur. The extensions described in this Code section do not require approval but may have certain restrictions or required notifications. (b) The following…

No bank shall carry on or conduct or do a banking business in this state except in accordance with the provisions of this title or federal law directly applicable to the bank. A “banking business” is the business which a bank is authorized to do pursuant to this title. History. C…

(a)(1) Except as provided in paragraph (5) of this subsection, “bank holding company” means any company which has control over any bank or over any company that is or becomes a bank holding company by virtue of this part. (2) Any company has “control” over a bank or over any comp…

(a)(1) It shall be unlawful, except with the prior approval of the commissioner: (A) For any action to be taken that causes any company to become a bank holding company; (B) For any action to be taken that causes a bank to become a subsidiary of a bank holding company; (C) For an…

(a) On an annual basis, each bank holding company that controls a bank chartered by the department shall register with the commissioner on forms provided or prescribed by him or her, which may include such information with respect to the financial condition, operation, management,…

(a) It shall be unlawful for a bank holding company to acquire direct or indirect ownership or control of any voting shares of any bank, including any federal savings and loan association or federal savings bank, if, after such acquisition, such bank holding company will directly…

The department may bring an appropriate civil action to enforce any provision of this part, whether by injunction or otherwise, in any superior court of this state having jurisdiction of one or more of the defendants. History. Code 1933, § 13-208, enacted by Ga. L. 1960, p. 67, §…

National banks shall have the same but no greater rights under or by virtue of this part than the rights granted to banks and trust companies organized under the laws of this state. History. Ga. L. 1960, p. 67, § 2.

Any bank, bank holding company, or company (as defined in Code Section 7-1-605) which violates subsection (a) of Code Section 7-1-601 or any provision of Code Section 7-1-602, Code Section 7-1-603, or Code Sections 7-1-605 through 7-1-608 shall be subject to civil monetary penalti…

This part governs the acquisition of banks having banking offices in Georgia by bank holding companies controlling bank subsidiaries having banking offices outside this state. It further governs the acquisition of banks having banking offices outside this state by bank holding co…

As used in this part, the term: (1) “Acquire,” as applied to a bank holding company, means any of the following actions or transactions: (A) The merger or consolidation with another bank holding company; (B) The acquisition of the direct or indirect ownership or control of voting…

(a) A bank holding company may acquire a bank in Georgia, and a bank holding company having its principal place of business in this state may acquire a bank having banking offices in another state, upon compliance with the provisions of Code Sections 7-1-605 through 7-1-611 and i…

(a) Subject to any applicable restrictions, an out-of-state bank holding company having a bank subsidiary with banking offices in Georgia may acquire a bank that does not have banking offices in this state, and an out-of-state bank holding company may acquire an out-of-state bank…

(a) Except as expressly permitted under this part, Part 20 of this article, or by federal law, no bank holding company may acquire a bank or a bank holding company controlling a bank chartered by the department. (b) In the event any bank holding company makes an acquisition that …

(a) Any Georgia bank holding company controlling a bank having banking offices in Georgia and any out-of-state bank holding company controlling a Georgia state bank shall be subject to the provisions of Code Sections 7-1-605 through 7-1-611 and the rules and regulations of the de…

(a) It is the express intention of the Georgia General Assembly to provide a unified and orderly method of permitting limited interstate banking. Thus, if any provision of this part establishing the framework within which interstate banking may occur or providing for registration,…

(a) It is the purpose of this part to permit interstate banking and branching by merger under Section 102 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, subject to the limita324 tions and requirements set out in this part and in Parts 14, 18, and 19 o…

As used in this part, the term: (1) “Bank” shall have the same meaning as “insured bank” in 12 U.S.C. Section 1813(h) of the Federal Deposit Insurance Act, provided that the term “bank” shall not include any “foreign bank” (which is defined as in 12 U.S.C. Section 3101 of the Inte…

If the commissioner determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of any provision of the laws of this state, the commissioner shall have the authority to take all such enforcement actions as he or she would be empo…

The commissioner may promulgate such regulations and may provide for the payment of such reasonable filing, application, assessment, and administrative fees as he or she determines to be necessary or appropriate in order to implement the provisions of this part. History. Code 1981…

In order to determine compliance with Georgia law on deposit concentration limits or other areas of state compliance, reporting by out-of-state banks may be required by the commissioner. History. Code 1981, § 7-1-628.12, enacted by Ga. L. 1996, p. 279, § 2; Ga. L. 2021, p. 323, §…

(a) If any provision of this part or the application of such provision is found by any court of competent jurisdiction in the United States to be invalid as it pertains to any bank, bank holding company, foreign bank, or other person or circumstances, or is found to be superseded…

(a) All banks engaged in interstate banking and branching in this state shall be obliged to adhere to the tax laws and regulations of Title 48 which pertain to such activities. (b) The Department of Revenue shall address the tax treatment of financial organizations before June 1, …

Interstate merger transactions between out-of-state banks and Georgia banks including Georgia state banks shall be permitted provided that the applicable conditions, approvals, and filing requirements are met by participating banks and bank holding companies. The approval procedur…

(a) Except as otherwise expressly provided in this subsection, an interstate merger transaction shall not be permitted under this part if, upon consummation of such transaction, the resulting bank (including all insured depository institutions that would be “affiliates,” as define…

(a) A Georgia state bank may enter into an interstate merger transaction where the Georgia state bank is the resulting bank, and as a result the Georgia state bank may establish, maintain, and operate one or more branches in another state. The Georgia state bank must seek approva…

(a) An out-of-state bank that will be the resulting bank pursuant to an interstate merger transaction involving a Georgia state bank shall notify the commissioner of the proposed merger not later than the date on which it files an application for an interstate merger transaction w…

(a) An out-of-state state bank which establishes and maintains one or more branches in Georgia under this part may conduct any activities at such branch or branches that are authorized under the law of this state for Georgia state banks. (b) A Georgia state bank may conduct any a…

(a) To the extent consistent with subsection (c) of this Code section, the commissioner may make such examinations of any branch established and maintained in this state by an out-of-state state bank as the commissioner may deem necessary to determine whether the branch is being …

(a) As used in this Code section, the term “de novo branch” means a branch of a bank which: (1) Is originally established by the bank as a branch; and (2) Does not become a branch of the bank as a result of the acquisition of another bank or of a branch of another bank or as the …

(a) An out-of-state bank that does not have a branch in Georgia and whose deposits are federally insured may, upon obtaining the necessary approvals from its home state regulator, establish and maintain a branch in this state through the acquisition of a branch. (b) A Georgia sta…

(a) Any number of persons, not less than eight, having a common bond, as defined in subsection (b) of this Code section, may incorporate for the purpose of organizing a credit union in accordance with this article. The persons so desiring to become incorporated shall execute artic…

(a) The department shall make an appropriate investigation of the articles and bylaws for the purpose of determining: (1) Whether the articles and bylaws conform to this article; (2) The general character and qualifications of the subscribers and the financial stability and future …

(a) Within 30 days after receipt of the certificate of incorporation from the Secretary of State, an organizational meeting of the board of directors named in the articles of incorporation shall be held for the purpose of accepting the certificate and bylaws, appointing an audit co…

(a) Amendments to the bylaws of a credit union may be adopted and amendments of the articles may be requested by the affirmative vote of two-thirds of the authorized number of members of the board of directors at any duly held meeting thereof if the members of the board have been…

(a) The department shall, in its discretion, approve or disapprove of proposed amendments to the articles or to the bylaws within 90 days after they are submitted by the credit union and within that time shall so advise the Secretary of State of any changes to the articles and in…

(a) A credit union organized in another state may conduct business and establish a place of business in this state with the approval of the department. The department must find that the out-of-state credit union: (1) Is a credit union organized under laws of a state other than the…