GA Code § 7-1-291 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 2 - Banks and Trust Companies|Part 3 - Powers of Banks|§ 7-1-291. Borrowings; Liabilities Not Subject to Restrictions; Restrictions; Borrowing for Emergencies

  Subject to the restrictions of subsection (c) of this Code section, a bank may borrow money and issue notes, debentures, or other obligations to evidence such borrowings.   The following outstanding liabilities are not subject to the restrictions in this Code section:   Liabilities to a federal reserve bank on account of money borrowed or rediscounts;   Liabilities on account of the acquisition of reserve balances at a federal reserve bank or other reserve agent from a member or a nonmember bank;   Liabilities on account of agreements to repurchase securities sold by the bank (commonly known as "repurchase agreements");   Liabilities in the form of subordinated securities under Code Section 7-1-419; and   Liabilities which do not constitute or result from the borrowing of money under definitions prescribed by regulation of the department.     A bank that wishes to borrow from sources other than those listed in subsection (b) of this Code section may borrow an aggregate amount which exceeds the sum of twice its unimpaired capital stock plus 100 percent of its unimpaired paid-in capital and retained earnings, provided that the bank's board of directors has approved a comprehensive written funding plan that addresses the following safety and soundness concerns:   The plan must contain a detailed evaluation of the bank's management expertise and information systems to support the plan; and   The plan must contain adequate asset and liability, liquidity, and funds management policies and procedures to specifically address the use of borrowings as an alternate funding source.     The department may, notwithstanding the other provisions of this Code section, temporarily waive the requirements of this Code section to permit an individual bank to borrow for emergency purposes. The department shall review the funding plan of each bank as a part of its normal supervisory program. The department may prohibit or place additional restrictions upon borrowings of any bank which would, in the judgment of the department, constitute an unsafe or unsound practice in view of the condition and circumstances of the bank.    (Ga. L. 1919, p. 135, art. 19, § 25; Code 1933, § 13-2025; Ga. L. 1966, p. 590, § 9; Ga. L. 1973, p. 526, § 5; Code 1933, § 41A-1312, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1975, p. 445, § 20; Ga. L. 1996, p. 848, § 5; Ga. L. 2019, p. 828, § 5/HB 185; Ga. L. 2020, p. 493, § 7/SB 429.)    The 2019 amendment,  effective July 1, 2019, in the introductory language of subsection (c), deleted "appropriated retained earnings," following "paid-in capital," and inserted "that" following "provided" in the middle.    The 2020 amendment,  effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, revised punctuation in subsection (c).   RESEARCH REFERENCES   Am. Jur. 2d.   - 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 483, 484, 608 et seq.   C.J.S.   - 9 C.J.S., Banks and Banking, §§ 227, 228.