---
title: O.C.G.A. § 33-16-7. Power of board to borrow money and pledge assets of company.
collection: code
id: 33-16-7
cite_as: O.C.G.A. § 33-16-7 (2025)
canonical_url: https://georgiacommons.org/code/33-16-7
md_url: https://georgiacommons.org/code/33-16-7.md
text_url: https://georgiacommons.org/code/33-16-7/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t33-ch1-22-(v24)-2020-pdf.pdf?sfvrsn=a873240d_0#page=759
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.
up: https://georgiacommons.org/code/33-16.md
previous: https://georgiacommons.org/code/33-16-6.md
next: https://georgiacommons.org/code/33-16-8.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: INSURANCE / FARMERS’ MUTUAL FIRE INSURANCE COMPANIES
---

# O.C.G.A. § 33-16-7. Power of board to borrow money and pledge assets of company.

The board of directors of a farmers’ mutual fire insurance company may, at any time, borrow such sum or sums of money as they may deem necessary to pay its losses, accrued or unaccrued, and may pledge the assets of the company including the contingent liability of policyholders for the losses as security for the loan.

## History

Code 1933, § 56-2014, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2012, p. 1040, § 1/SB 203.