reglab/statecodes huggingface dataset:
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-195 - Allowance of claims

For the purposes of the accounting provided for in this chapter, the department shall allow the claims of depositors for the amounts shown to be due to them upon the books or other records of the financial institution (unless it determines such books or records to be in error) or for such other amounts as they shall, within the time and in the manner provided by this chapter, prove to the satisfaction of the department are due to them. It shall likewise allow the claims of all other creditors, when presented within the time and in the manner provided by this chapter, if it shall be satisfied that the amounts claimed are rightfully due. In allowing claims, the department may change their rank to that which it determines to be proper and may reduce them by exercise of the financial institution's right of setoff against the claimant. It shall reject all other claims of depositors and other creditors.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-196 - Advance payment of dividends to depositors

(a)
After filing a supplement to the certificate of possession setting forth its determination to liquidate the affairs of the financial institution, the department may, without leave of court and without filing an account, make an advance payment of a dividend to all depositors the amounts of whose claims, as they appear upon the books or other records of the financial institution, are undisputed. The dividend shall be calculated as if the claims of all other depositors, as they appear upon the books or other records of the financial institution, and the claims of all creditors or other corporations or persons who assert priority over or parity with depositors in the order of distribution of the assets, were valid and uncontested.
(b)
However, the department shall not make such an advance payment of a dividend to any depositor until it shall have set aside an amount sufficient to pay in full the claims of all creditors or other corporations or persons asserting or entitled to priority over depositors in the order of distribution and to pay the proportionate dividend on the amounts claimed by the other depositors and by any creditors or other corporations or persons who are entitled to or who claim parity with depositors in the order of distribution provided for by law. The department shall likewise set aside, before making such advance payment, such amount as it shall deem necessary for the expenses of administration of the receivership.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-197 - Expenses of administration

Any reasonable expenditure made by the department as receiver of a financial institution, including any expense incurred in the management, reorganization, consolidation, liquidation, or distribution of the assets and affairs of the financial institution, any payment of a loan or interest thereon under Code Section
7-1-164
, and any compensation paid to the deputy receiver, attorneys, or any other person employed to assist the department in such management, reorganization, consolidation, liquidation, or distribution shall be paid out of the assets of the financial institution, provided it is included in any partial or final account filed by the department pursuant to this chapter and is approved by the principal court in which such account is filed. Where such expenses are incurred or such compensation is paid for the benefit of the estate of more than one financial institution in the possession of the department as receiver, an equitable portion of such expenses or compensation shall be paid out of the assets of each financial institution on whose behalf such expenditures were incurred or paid.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-199 - Adjudication of rejected claims and exceptions to account

(a)
If any claim has been rejected by the department or any exception has been filed to the account or to any item thereof, the principal court shall, as soon as expedient after the expiration of the period for the filing of exceptions to the account, fix a date for hearing in court arguments on all rejected claims and all exceptions to the account or to any item thereof. The department shall give notice of such hearing to all corporations or persons whose claims have been rejected by the department or objected to in the manner provided by this chapter. It shall likewise give notice to all corporations or persons who have filed exceptions to the account or to any item thereof. Such notice shall set forth, insofar as possible, the reasons for the rejection of the claim or the nature of the exception to the item of the account and shall state that all parties whose claims are rejected or objected to must appear in the principal court upon the date fixed by the court to prove their claims or they will be bound by the ex parte decision of the court.
(b)
The principal court in which the account is filed shall itself hear arguments upon any rejected claim or upon any exception to an account, or to any item thereof, upon the date fixed by it for this purpose. The court shall itself decide, without delay, all matters in controversy. If any party does not appear in court on the day fixed, the court shall conduct the hearing ex parte and shall render its decision upon the merits as they appear after such hearing.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-201 - Unclaimed dividends

Whenever a dividend remains unclaimed six months after it has been declared and the department is unable to locate the depositor or other claimant to whom said dividend was payable, the dividend shall become a part of the general assets of the financial institution and be distributed as other assets.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-202 - Order of payment of liabilities; secured or preferred claims and liens

(a)
In the distribution of the assets of a financial institution which is liquidated or dissolved, whether under this chapter or by any other method, the order of payment of liabilities of the financial institution in the event that its assets are insufficient to pay in full all its liabilities for which claims are duly made shall be:
(1)
First, the payment of costs and expenses of administration of the liquidation or dissolution;
(2)
Second, the payment of debts due depositors;
(3)
Third, the payment of all state taxes;
(4)
Fourth, judgments;
(5)
Fifth, contractual obligations;
(6)
Sixth, unliquidated claims for damages and the like; and
(7)
Seventh, capital securities.
(b)
Nothing in this chapter shall impair the validity or the priority otherwise accorded by law to any security interest, security title, preferred claim arising under Code Section
11-4-214
, or any lien arising by force of law; provided, however, that any of the foregoing may be delayed in payment by the principal court until costs of administration including loans or interest payments under Code Section
7-1-164
or the costs of selling or otherwise disposing of assets under this chapter have been met in any case where the principal court determines that the claimant of the security interest, security title, preferred claim, or lien has expressly or impliedly consented to the administrative activities involved or has benefited from such activities.
Amended by 2024 Ga. Laws 701,§ 1, eff. 7/1/2024.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-203 - Subrogation of insurer of deposits or shares

Where the deposits or shares of a financial institution are insured by a federal public body or otherwise, the claims of depositors shall be subrogated in favor of said insurer to the extent that it pays or makes available for payment claims of such depositors against the financial institution, provided that the rights of such depositors to receive dividends or other distributions upon that portion of their claims not made available for payment shall not be affected by such subrogation.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-204 - Liquidation of excess assets by trustees

If any unliquidated assets remain in the department's possession after the filing and confirmation of its final account, the payment in full of the claims of all depositors, creditors, and other claimants which have been approved by the court and the distribution to shareholders of any cash balance remaining thereafter, it shall call a meeting of all the shareholders of the financial institution by giving them written notice at least 30 days before the day fixed for the meeting. At such meeting, the shareholders shall elect by ballot a trustee or trustees, who shall complete the liquidation. A majority of the shares present in person or by proxy shall be necessary to elect such trustee or trustees. The department shall file a certified copy of the minutes of said meeting with the principal court. If no trustee is elected in this manner on the day designated, the department shall petition the principal court for the appointment of a trustee or trustees. The trustee or trustees who are thus elected by the shareholders or appointed by the court shall give bond to the state, in such amount, with such surety, and under such conditions as the court may direct. The department shall then transfer to such trustee or trustees all the assets of the financial institution which are still in its possession. After such transfer by the department to a trustee or trustees for the benefit of the shareholders, the financial institution shall have no corporate powers or privileges whatsoever, except that its shareholders may elect a successor trustee or trustees upon death, removal, or inability of the first trustee or trustees to act. The trustee or trustees shall not succeed to any powers or privileges except such as shall be necessary to the liquidation of the remaining assets which have been transferred to such trustee or trustees by the department.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 8 - CLAIMS, PRIORITIES, AND ACCOUNTING IN RECEIVERSHIPS (§§ 7-1-190 — 7-1-205) › Section 7-1-205 - Destruction of records

The department is authorized to destroy all records of the financial institution of which it was in possession as receiver and all records of such receivership at the expiration of six years from the date of the absolute confirmation of its final account, except where any provision of this chapter expressly provides a different method for the disposition of the records or a longer period for their preservation.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 9 - RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS (§§ 7-1-220 — 7-1-225) › Section 7-1-220 - Definitions and applicability

(a)
As used in this part, the term:
(1)
"Pooled assets" means mortgages, securities, or other assets comprising any mortgage or securities pool operated by such financial institution (whether said assets are held in the name of the institution or a nominee therefor) or with respect to which undivided interests have been created, regardless of whether or not the financial institution is technically a trustee and regardless of whether or not certificates of participation have been issued with respect thereto.
(2)
"Trust assets" means all assets held by financial institutions as trustee, administrator, executor, guardian, or in a similar fiduciary capacity but shall not include assets held by the commercial department of the financial institution or pooled assets, as defined in paragraph (1) of this subsection.
(b)
In the event of conflict, this part and not other parts of this article or other articles of this chapter shall control as to the trust assets and the pooled assets of any financial institution in receivership.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 9 - RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS (§§ 7-1-220 — 7-1-225) › Section 7-1-221 - Status of department in relation to trust and pooled assets

(a)
Upon taking possession of a financial institution, the department shall hold trust and pooled assets separate from the assets of the financial institution itself. Trust and pooled assets shall not be available for distribution to depositors, other creditors, or shareholders.
(b)
The department as receiver shall have all rights, powers, and duties of the financial institution in regard to trust and pooled assets, including title to the assets and the right to administer them.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 9 - RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS (§§ 7-1-220 — 7-1-225) › Section 7-1-222 - Jurisdiction of court over trust and pooled assets

The principal court shall have exclusive jurisdiction over all matters concerning trust and pooled assets during the period that such assets are held by the department as receiver.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 9 - RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS (§§ 7-1-220 — 7-1-225) › Section 7-1-223 - Substituted trustee or manager for trust and pooled assets

(a)
Upon determining to liquidate a financial institution or if it otherwise deems it advisable, the department shall:
(1)
With leave of court, transfer all of the trust assets or all of the pooled assets or all of both types of assets to another financial institution which shall assume the responsibilities of the institution in receivership in regard to such assets and act as substituted trustee or manager; or
(2)
Give written notice, insofar as the giving of such notice is practicable, to all parties interested in trust or pooled assets that they must within 30 days after the giving of notice apply for the appointment of a substituted trustee or manager to take over the trust or pooled assets. In the event that no such application is made with respect to particular trust assets or pooled assets, the department shall itself apply for appointment of a substituted trustee or manager. Upon application by an interested party or parties or by the department, the court shall appoint as successor trustee or manager that person or corporation best able, in its judgment, to protect the interests of those interested in particular trust or pooled assets. The successor trustees or managers shall have all rights, powers, and duties of the financial institution in regard to the trust or pooled assets committed to them except as these relationships may be modified by the court in accordance with law.
(b)
Nothing in this Code section or Code Section
7-1-222
shall be construed to impair any right of the grantor or beneficiaries of trust or pooled assets under applicable instruments or otherwise to secure or provide for the appointment of a substituted trustee or manager.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 9 - RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS (§§ 7-1-220 — 7-1-225) › Section 7-1-224 - Transfers to substituted trustee or manager without accounting

In the event that the department and a substituted trustee or manager agree as to the identity and amount of the trust or pooled assets to be paid to the substituted trustee or manager and the substituted trustee or manager waives in writing the right to an accounting, then the department may transfer the trust or pooled assets to the substituted trustee or manager and will thereupon (together with the financial institution) be discharged from all liability or responsibility in connection with the trust or pooled assets.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 9 - RECEIVERSHIP PROCEDURES INVOLVING TRUST OR POOLED ASSETS (§§ 7-1-220 — 7-1-225) › Section 7-1-225 - Transfers to substituted trustee or manager with accounting; deficiencies

Except as authorized by Code Section
7-1-224
, the department shall, upon appointment of a substituted trustee or manager, file a full account with the appropriate court setting forth its administration of the trust or pooled assets and shall, upon the order of the court, transfer the trust or pooled assets to the substituted trustee or manager. Whenever the court shall determine that there is a deficiency in regard to the trust or pooled assets or that the financial institution is liable for a surcharge in connection therewith, the amount thereof shall constitute a claim against the financial institution. Such claim shall be filed in the manner of other claims with the principal court within 30 days of a final adjudication with respect to the amount thereof.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 10 - CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS (§§ 7-1-230 — 7-1-236) › Section 7-1-230 - 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, understanding, 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.
Amended by 2022 Ga. Laws 748,§ 2, eff. 7/1/2022.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 10 - CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS (§§ 7-1-230 — 7-1-236) › Section 7-1-231 - "Financial institution" defined; acquisition of control without permission prohibited

(a)
For purposes of this Code section, the term "financial institution" shall include any "bank holding company" as such term is defined in subsection (a) of Code Section
7-1-605
.
(b)
It shall be unlawful for a person, acting directly or indirectly or through concert with one or more persons, to acquire control or the presumption of control of any financial institution through a purchase, assignment, pledge, or other disposition of voting stock of such institution, except with the approval of the department or as otherwise permitted by this part.
Amended by 2022 Ga. Laws 748,§ 3, eff. 7/1/2022.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 10 - CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS (§§ 7-1-230 — 7-1-236) › Section 7-1-232 - Notice of proposed acquisition required; approval or disapproval by department; judicial review

(a)
For purposes of this Code section, the term "financial institution" shall include any "bank holding company" as that term is defined in subsection (a) of Code Section
7-1-605
.
(b)
The department shall be given at least 60 days' prior written notice of any such proposed acquisition. The department may extend the period during which a disapproval may issue for another 30 days. The period for disapproval may be further extended only if the department determines that any acquiring party has not furnished all the information required under Code Section
7-1-233
or that in its judgment any material information submitted is substantially inaccurate. An acquisition may be made prior to expiration of the disapproval period if the department issues written notice of its intent not to disapprove the action.
(c)
Within three days after its decision to disapprove any proposed acquisition, the department shall notify the acquiring party in writing of the disapproval. Such notice shall provide a statement of the basis for the disapproval.
(d)
Within ten days of receipt of such notice of disapproval, the acquiring party may request a hearing on the proposed acquisition. At the conclusion thereof, the department shall by order approve or disapprove the proposed acquisition on the basis of the record made at such hearing.
(e)
Any person whose proposed acquisition is disapproved after a department hearing under this Code section may obtain review in accordance with Code Section
7-1-90
.
Amended by 2022 Ga. Laws 748,§ 4, eff. 7/1/2022.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 10 - CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS (§§ 7-1-230 — 7-1-236) › Section 7-1-233 - Contents of notice

Except as otherwise provided by regulation of the department, a notice filed pursuant to Code Section
7-1-232
shall contain the following information:
(1)
The identity, personal history, business background, and experience of each person by whom or on whose behalf the acquisition is to be made, including his material business activities and affiliations during the past five years and a description of any material pending legal or administrative proceedings in which he is a party and any criminal indictment or conviction of such person by a state or federal court;
(2)
A statement of the assets and liabilities of each person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year for each of the five fiscal years immediately preceding the date of the notice, together with related statements of income and source and application of funds for each of the fiscal years then concluded, all prepared in accordance with generally accepted accounting principles consistently applied, and an interim statement of the assets and liabilities for each such person, together with related statements of income and source and application of funds, as of a date not more than 90 days prior to the date of the filing of the notice;
(3)
The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made;
(4)
The identity, source, and amount of the funds or other considerations used or to be used in making the acquisition and, if any part of these funds or other considerations has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties, and any arrangements, agreements, or understandings with such persons;
(5)
Any plans or proposals which any acquiring party making the acquisition may have to liquidate the financial institution, to sell its assets or merge it with any company, or to make any other major change in its business or corporate structure or management;
(6)
The identification of any person employed, retained, or to be compensated by the acquiring party or by any person on his behalf to make solicitations or recommendations to stockholders for the purpose of assisting in the acquisition and a brief description of the terms of such employment, retainer, or arrangement for compensation;
(7)
Copies of all invitations or tenders or advertisements making a tender offer to stockholders for purchase of their stock to be used in connection with the proposed acquisition; and
(8)
Any additional relevant information in such forms as the department may require by regulation or by specific request in connection with any particular notice.
Amended by 2022 Ga. Laws 748,§ 5, eff. 7/1/2022.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 10 - CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS (§§ 7-1-230 — 7-1-236) › Section 7-1-235 - Part inapplicable to bank holding company transactions

This part shall not apply to a transaction subject to Code Sections
7-1-605
through
7-1-608
, relating to bank holding companies.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 10 - CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS (§§ 7-1-230 — 7-1-236) › Section 7-1-236 - Report of change in control

Whenever a change occurs in the ownership of or right to vote the outstanding shares of any bank or trust company which will result in the control or a change in the control of the bank or trust company, the president or other officer of such bank or trust company shall, within ten days after knowledge thereof, report such facts to the department. Notwithstanding Code Section
7-1-230
, as used in this Code section, the term "control" means the power to direct or cause, directly or indirectly, the direction of the management or policies of the institution. If there is any doubt as to whether a change in the ownership or voting rights of such shares is sufficient to result in control thereof or to effect a change in the control thereof, such doubt shall be resolved in favor of reporting the facts to the department.
Amended by 2022 Ga. Laws 748,§ 7, eff. 7/1/2022.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 11 - COSTS ON JUDICIAL PROCESS (§ 7-1-237) › Section 7-1-237 - Reimbursement of costs incurred in answering subpoena, garnishment, or order; subpoena to be answered within five days

Any financial institution shall be reimbursed by the requesting party for costs which are reasonably necessary and which have been directly incurred in searching for, reproducing, or transporting books, papers, records, or other data of a customer required or requested to be produced pursuant to a lawful subpoena, summons, warrant, garnishment, attachment, request for the production of documents, or court order where the financial institution is not a party to the action. Except as may otherwise be ordered by a judge of the court issuing the same, a financial institution shall have five business days from service of a subpoena within which to produce any books, papers, or records ordered produced pursuant to such subpoena. In the case of a garnishment or attachment of funds held by the financial institution, such reimbursement may be deducted prior to remission of such funds in response to the garnishment or attachment. Rates and conditions under which reimbursement may be made under this Code section shall be prescribed by regulations of the department.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 12 - DEPOSITS OF DECEASED DEPOSITORS (§§ 7-1-239 — 7-1-239.1) › Section 7-1-239.1 - Payment of checks or instruments payable to deceased intestate persons; affidavit included with application for payment

(a)
Whenever any person dies intestate having possession of or a right to possession of a check or other instrument payable to such deceased person and the amount of the check or instrument does not exceed $15,000.00, the financial institution on which the check or instrument is drawn shall be authorized to accept and redeem the check or instrument by payment to the following persons:
(1)
To the surviving spouse;
(2)
If no surviving spouse, to the children pro rata;
(3)
If no children or surviving spouse, to the father and mother pro rata; or
(4)
If none of the above, then to the brothers and sisters of the decedent pro rata.
(b)
If a check or other instrument is payable to more than one person, it may be accepted and redeemed as provided in subsection (a) of this Code section only if it has been endorsed by each payee other than the decedent.
(c)
Payments made pursuant to this Code section shall operate as a complete acquittal and discharge to the financial institution of liability from any suit, claim, or demand of whatever nature by any heir, distributee, creditor of the decedent, or any other person. Such payment is authorized to be made as provided in this Code section without the necessity of administration of the estate of the decedent and without the necessity of obtaining an order that no administration is necessary.
(d)
As used in this Code section, the term "financial institution" includes any federally chartered financial institution.
(e)
Application by any claimant or claimants entitled in this Code section to receive payments of checks or other instruments at a financial institution upon which such instrument is drawn shall include an affidavit by the claimant or claimants which states that they qualify as the proper relation to the decedent as specified in this Code section and that the claimant or claimants know of no other corresponding claimant or claimants to such funds. The financial institution may rely on a properly executed affidavit in disbursing the funds according to this Code section.
Amended by 2019 Ga. Laws 62,§ 2, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 13 - BANK FEES (§§ 7-1-239.5 — 7-1-239.6) › Section 7-1-239.5 - [Reserved] Fee for instruments drawn on other institutions

Amended by 2022 Ga. Laws 782,§ 7, eff. 5/2/2022.
Amended by 2017 Ga. Laws 275,§ 7, eff. 5/9/2017.
Repealed by 2016 Ga. Laws 450,§ 2-2, eff. 7/1/2016.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 13 - BANK FEES (§§ 7-1-239.5 — 7-1-239.6) › Section 7-1-239.6 - Convenience fees

A financial institution or mortgage lender, as such term is defined by Code Section
7-1-1000
, may charge a convenience fee provided that such fee is permissible in accordance with Code Section
13-1-15
. For purposes of this Code section, the term "convenience fee" means any additional amount imposed to a consumer at the time of a transaction for the election of making a payment by electronic means. A convenience fee may include, but is not limited to, any fee charged for payment to an account with the assistance of a live representative or agent of the financial institution or mortgage lender, by telephone, using a voice response unit, or other electronic means. A convenience fee does not include a discount offered by a lender or merchant to a person for payment by cash, check, or similar means.
Added by 2017 Ga. Laws 57,§ 5, eff. 6/1/2017.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY (§§ 7-1-1 — 7-1-239.10) › Part 14 - SAVINGS PROMOTION RAFFLE (§ 7-1-239.10) › Section 7-1-239.10 - Definitions; conduct of savings promotion raffles; application

(a)
As used in this Code section, the term:
(1)
"Bank" means a national bank or a state chartered bank, regardless of which state issued the charter, that has federal deposit insurance.
(2)
"Credit union" means a federally chartered credit union or a state chartered credit union, regardless of which state issued the charter, that has federal deposit insurance.
(3)
"Savings promotion raffle" means a contest in which the sole consideration required for a chance of winning a designated prize is obtained by the deposit of a specified amount of money in a savings account or other savings program offered by a bank or credit union, where each ticket or entry has an equal chance of being drawn.
(b)
A bank or credit union may conduct a savings promotion raffle, provided that the raffle is conducted in a manner that does not:
(1)
Jeopardize the ability of the bank or credit union conducting the savings promotion raffle to operate in a safe and sound manner; or
(2)
Mislead depositors about the chances of winning.
(c)
A bank or credit union conducting a savings promotion raffle:
(1)
Shall provide each person making a deposit in a savings promotion raffle account with information regarding:
(A)
The terms of the raffle;
(B)
The verifiable retail value of each prize that a depositor has a chance of winning;
(C)
The odds of a depositor winning a prize; and
(D)
Any fees or penalties associated with such account;
(2)
Shall not charge any fees associated with the underlying savings account or other savings program in excess of the fees charged for the savings account or other savings program offered by the bank or credit union that is the most similar to such savings promotion raffle account;
(3)
May contract for and use the services of a third-party service provider to handle the administrative details of conducting a savings promotion raffle; and
(4)
Shall maintain all records the department determines are necessary to conduct an examination or audit of a savings promotion raffle.
(d)
The provisions of this Code section applicable to credit unions shall apply to an organization composed primarily of credit unions and the provisions of this Code section applicable to banks shall apply to an organization composed primarily of banks.
Added by 2019 Ga. Laws 243,§ 1, eff. 7/1/2019.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 1 - GENERAL MATTERS (§§ 7-1-240 — 7-1-244) › Section 7-1-240 - Powers and restrictions applicable when acting as bank and trust company

Any financial institution authorized by law to act as both a bank and a trust company shall enjoy and be subject to the powers and restrictions of a bank of its type in regard to its banking activities and in like manner shall enjoy and be subject to the powers and restrictions of a trust company in regard to its trust activity. With respect to general corporate matters not identified with either banking or trust functions, it shall have the privileges and restrictions of a bank of its type.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 1 - GENERAL MATTERS (§§ 7-1-240 — 7-1-244) › Section 7-1-242 - Restriction on corporate fiduciaries

(a)
No corporation, partnership, or other entity may lawfully act as a fiduciary in this state except:
(1)
A financial institution authorized to act in such capacity pursuant to the provisions of Georgia law;
(2)
A trust company;
(3)
A national bank or a state bank lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state;
(4)
A savings bank or savings and loan association lawfully doing a banking business in this state and authorized to act as a fiduciary under the laws of the United States or another state;
(5)
Attorneys at law licensed to practice in this state, whether organized as a professional corporation or otherwise;
(6)
An investment adviser registered pursuant to the provisions of
15 U.S.C. Section 80b-3
or Chapter 5 of Title 10, provided that this exception shall not authorize an investment adviser to act in any fiduciary capacity subject to the provisions of Title 53, relating to wills, trusts, and the administration of estates, or Title 29, relating to guardianships and conservatorships;
(7)
A securities broker or dealer registered pursuant to the provisions of
15 U.S.C. Section 78o
or Chapter 5 of Title 10 acting in such fiduciary capacity incidental to and as a consequence of its broker or dealer activities; or
(8)
A nonprofit corporation.
(b)
Acting as a fiduciary for purposes of this Code section includes but is not limited to:
(1)
Accepting or executing trusts or otherwise acting as a trustee;
(2)
Administering real or tangible personal property located in Georgia or elsewhere. For the purposes of this paragraph, "administer" means to possess, purchase, sell, lease, insure, safekeep, manage, or otherwise oversee; and
(3)
Acting pursuant to a court order as personal representative, executor, or administrator of the estate of a deceased person or as guardian or conservator for a minor or incapacitated person.
(c)
Nothing in this chapter shall be construed to repeal or to change Article 15 of Chapter 12 of Title 53 or any other statutes or rules of law on such subject.
Amended by 2010 Ga. Laws 506,§ 2, eff. 7/1/2010.
Amended by 2008 Ga. Laws 528,§ 3, eff. 7/1/2009.
Amended by 2004 Ga. Laws 564, § 7, eff. 5/13/2004.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 1 - GENERAL MATTERS (§§ 7-1-240 — 7-1-244) › Section 7-1-244 - Deposit insurance requirements; public notices when deposits not properly insured

(a)
Every bank shall obtain and maintain deposit insurance satisfactory to the department; provided, however, that banks which have had their deposit insurance withdrawn or canceled may, in the discretion of the department, continue to accept deposits; provided, further, that such banks shall within six months after such withdrawal or cancellation of insurance obtain deposit insurance, satisfactory to the department, written by an insurance company authorized to transact business in this state or by the Federal Deposit Insurance Corporation. The department may, in its discretion, for cause shown, extend the time limitation in which deposit insurance must be obtained.
(b)
Deposit insurance required to be obtained in subsection (a) of this Code section need not be in excess of amounts insured by the Federal Deposit Insurance Corporation at the time the insurance is obtained; but wherever the insurance coverage is, in the opinion of the department, less than amounts insured by the Federal Deposit Insurance Corporation, the bank shall be required to post at a conspicuous place near the entrance of such bank a sign in boldface print, in letters at least four inches high, which states "Deposits Not Insured" or "Deposits Insured Up To (insert amount of deposit insurance)." Such wording shall also follow the name of the bank wherever it is written or printed and shall be posted in writing which is easily legible in letters at least one inch high at each window or desk receiving deposits.
Amended by 2020 Ga. Laws 521,§ 7, eff. 7/29/2020.
2023 CODE OF GEORGIA › Title 7 - BANKING AND FINANCE (§§ 7-1-1 — 7-9-13) › Chapter 1 - FINANCIAL INSTITUTIONS (§§ 7-1-1 — 7-1-1138) › Article 2 - BANKS AND TRUST COMPANIES (§§ 7-1-240 — 7-1-628.15) › Part 2 - GENERAL POWERS OF BANKS AND TRUST COMPANIES (§§ 7-1-260 — 7-1-263) › Section 7-1-260 - General corporate powers

Subject to restrictions contained in this chapter or in its articles, a bank or trust company shall have the power:
(1)
To have perpetual duration unless a limited period of duration is stated in its articles. Each bank or trust company existing on April 1, 1975, shall have perpetual duration unless its articles are amended under this chapter to provide for a limited period of duration;
(2)
To sue and be sued, complain and defend in its corporate name;
(3)
To have a corporate seal, which may be altered at pleasure, and to use the same by causing it or a facsimile thereof to be impressed or affixed or in any manner reproduced;
(4)
To adopt, alter, and repeal bylaws pursuant to the procedures of Code Section
7-1-481
containing provisions for the regulation and management of affairs of the institution not inconsistent with law or its articles;
(5)
To elect or appoint and remove officers and agents of the institution and to define their duties and fix their compensation;
(6)
To make contracts;
(7)
To make, irrespective of corporate benefit, loans, investments, contributions, and donations for community development and the promotion of the public welfare or for other religious, charitable, scientific, educational, hospital, civic, or similar purposes and in time of war or other national emergency in aid of the national effort with respect thereto;
(8)
At the request or direction of the United States government or any public body thereof, to transact lawful business in time of war or national emergency in aid of the national effort in connection therewith;
(9)
To procure, for its benefit, insurance on the life of any of its directors, officers, or employees or any other person whose death might cause financial loss to the bank or trust company; or, pursuant to any contract lawfully obligating the bank or trust company as guarantor or surety, on the life of the principal obligor; and
(10)
To reimburse and indemnify litigation, liabilities, and expenses of directors, officers, and employees pursuant to agreements with them or otherwise and to purchase and maintain liability insurance for their benefit unless otherwise limited pursuant to this chapter.