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Georgia Statutes, Title 7

Georgia/Statutes

← All Georgia coverage

Title 7

10 chapters · 671 sections in this title.

All chapters in Title 7671 Ch 1, FINANCIAL INSTITUTIONS542 Ch 3, INSTALLMENT LOANS34 Ch 9, GEORGIA MERCHANT ACQUIRER LIMITED PU…26 Ch 4, INTEREST AND USURY20 Ch 2, CREDIT UNION DEPOSIT INSURANCE CORPO…14 Ch 6A, GEORGIA FAIR LENDING ACT13 Ch 8, SAFE USE OF REMOTE SERVICE TERMINALS8 Ch 5, CREDIT CARDS AND CREDIT CARD BANKS6 Ch 7, LOAN BROKERS6 Ch 6, CREDIT OR LOAN DISCRIMINATION2

671 sections·Filtered byTitle 7✕

O.C.G.A. § 7-9-11.3 Notice of merger or consolidation; ﬁling
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(a) Upon adoption of the plan of merger or consolidation as provided in Code Section 7-9-11.2, parties to a merger or consolidation shall ﬁle with the department articles of a merger or consolidation pursuant to the requirements of this Code section together with the fee required…
O.C.G.A. § 7-9-11.4 Merger or consolidation application; requirements
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In addition to the ﬁling of articles of merger and consolidation under Code Section 7-9-11.3, the parties to a merger or consolidation plan shall also ﬁle with the department: (1) An application including any information desired by the department in order to evaluate the proposed…
O.C.G.A. § 7-9-11.5 Merger or consolidation investigation; requirements and procedure
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(a) Upon receipt of the articles of merger or consolidation and the ﬁlings required by Code Section 7-9-11.4, the department shall conduct such investigation as it may deem necessary to ascertain whether: (1) The articles of merger or consolidation and supporting items satisfy th…
O.C.G.A. § 7-9-11.6 Certiﬁcate of merger or consolidation

Showing 651–671 of 671

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Upon payment of all required taxes, fees, and charges, the Secretary of State shall issue to any resulting merchant acquirer limited purpose bank a certiﬁcate of merger or consolidation with the approved articles of merger or consolidation attached thereto, provided that the name…

O.C.G.A. § 7-9-11.7 Certiﬁcate effective upon issuance; evidence of satisfactory performance; effect of merger

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(a) A merger or consolidation of a merchant acquirer limited purpose bank shall become effective upon the issuance of a certiﬁcate of merger or consolidation by the Secretary of State. (b) A certiﬁcate of merger or consolidation shall be conclusive evidence of satisfactory perfor…

O.C.G.A. § 7-9-11.8 Rights and remedies of shareholders

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(a) A shareholder of a merchant acquirer limited purpose bank which is a party to a plan of proposed merger or consolidation under this chapter who objects to such plan shall be entitled to the rights and remedies of a dissenting shareholder as determined under Chapter 2 of Title…

O.C.G.A. § 7-9-12 Limitations on activities; deposit insurance

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(a) A merchant acquirer limited purpose bank shall only accept deposits from a corporation that owns a majority of the shares of the merchant acquirer limited purpose bank. A merchant acquirer limited purpose bank shall not operate in any manner that attracts depositors from the …

O.C.G.A. § 7-9-12.1 Treatment of merchant funds

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(a) All merchant funds shall constitute a trust fund until paid to the individual merchant. A merchant acquirer limited purpose bank shall have a ﬁduciary duty to preserve and account for merchant funds, and merchant acquirer limited purpose banks shall be liable for merchant fun…

O.C.G.A. § 7-9-13 Regulation and enforcement by department; rules and regulations

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(a) All merchant acquirer limited purpose banks chartered by the department shall be subject to supervision, regulation, and examination by the department, including, but not limited to, the examination powers as provided in Code Sections 7-1-64 through 7-1-73, and the department…

O.C.G.A. § 7-9-2 Deﬁnitions

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As used in this chapter, the term: (1) “Articles of incorporation” or “articles” means the articles or certiﬁcate of incorporation of a corporation and shall include, when used in reference to a limited liability company, the articles or certiﬁcate of organization of a limited li…

O.C.G.A. § 7-9-3 Chartering of merchant acquirer limited purpose banks; regulation limited

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A corporation that performs merchant acquiring activities or settlement activities in this state may elect to obtain a charter from the department. Those corporations chartered by the department shall be subject to the provisions of this chapter and any rules and regulations adop…

O.C.G.A. § 7-9-4 Application; fees; minimum number of employees

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(a) A corporation that seeks to be chartered shall ﬁle an application with the department and shall pay applicable fees established by regulation of the department to defray the costs of the investigation and review of the application. (b) The department shall, by regulation, pre…

O.C.G.A. § 7-9-5 Articles of incorporation; ﬁling; publication; registered agent; administration by board of directors

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(a) A merchant acquirer limited purpose bank shall have articles of incorporation signed by the incorporator and shall set forth in the English language: (1) The name of the merchant acquirer limited purpose bank; (2) The street address and county where the main office will be lo…

O.C.G.A. § 7-9-5.1 Meetings

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(a) The board of directors shall hold regular meetings at such times as may be ﬁxed by the bylaws and shall, at all times, be subject to call by the chairperson of the board, the chief executive officer, the president, or any two members of the board. The board shall meet at leas…

O.C.G.A. § 7-9-5.2 Bylaws

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The board of directors shall have the power to adopt, amend, or repeal bylaws governing the regulation and management of affairs of the merchant acquirer limited purpose bank unless such power is reserved exclusively to the shareholders by the articles or bylaws previously adopte…

O.C.G.A. § 7-9-5.3 Officers and employees

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(a) A merchant acquirer limited purpose bank shall maintain a chief executive officer, chief information officer, chief risk officer, and such other officers the department may require by rule or regulation. A person may hold more than one office; provided, however, that no perso…

O.C.G.A. § 7-9-5.4 Oath of office required

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(a) Prior to assuming office, each director shall take an oath or affirmation that he or she will diligently and honestly perform his or her duties in the administration of the affairs of the merchant acquirer limited purpose bank; he or she will not permit a willful violation of…

O.C.G.A. § 7-9-6 Charter application requirements

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(a) An application to the department to charter a merchant acquirer limited purpose bank shall include: (1) Any information desired by the department in order to evalu815 ate the proposed institution which shall be made available in the form speciﬁed by the department; (2) A cert…

O.C.G.A. § 7-9-7 Investigation; requirements and procedure for background checks

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(a)(1) Upon receipt of the articles of incorporation and the ﬁlings and fees from the applicant as required under this chapter, the department shall conduct such investigation as it may deem necessary to ascertain whether it should approve the proposed merchant acquirer limited p…

O.C.G.A. § 7-9-8 Issuance of certiﬁcate of incorporation or certiﬁcate of organization

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The Secretary of State shall immediately issue a certiﬁcate of incorporation or certiﬁcate of organization to a proposed merchant acquirer limited purpose bank upon submission of: (1) Written approval of the articles of incorporation by the department with a copy attached; (2) An…

O.C.G.A. § 7-9-9 Corporate existence; shareholders; authority to regulate and supervise sale of shares; legal effect of incorporation certiﬁcate; when business may begin

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(a) The corporate existence of the merchant acquirer limited purpose bank shall begin upon the issuance of a certiﬁcate of incorporation by the Secretary of State. Those persons who subscribed for shares prior to ﬁling of the articles, or their assignees, shall be shareholders in…