---
title: O.C.G.A. § 20-2-505.1. Board transacting business with bank or similar institution in which member has interest.
collection: code
id: 20-2-505.1
cite_as: O.C.G.A. § 20-2-505.1 (2025)
canonical_url: https://georgiacommons.org/code/20-2-505.1
md_url: https://georgiacommons.org/code/20-2-505.1.md
text_url: https://georgiacommons.org/code/20-2-505.1/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t20-ch1-2a-(v17)-2022-pdf.pdf?sfvrsn=9db936c6_0#page=584
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: EDUCATION / ELEMENTARY AND SECONDARY EDUCATION / CONTRACTS AND PURCHASES BY PUBLIC SCHOOLS
---

# O.C.G.A. § 20-2-505.1. Board transacting business with bank or similar institution in which member has interest.

A local board of education having any member thereof who is an employee, stockholder, director, or officer of a bank or similar financial institution shall nevertheless be authorized to transact business with such bank or financial institution without the board or member thereby incurring any criminal liability therefor, as long as such member owns less than 30 percent of the stock or other ownership interest in such bank or financial institution.

## History

Code 1981, § 20-2-505.1, enacted by Ga. L. 1993, p. 1687, § 1.