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Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 7. RECEIVERSHIP POWERS AND PROCEDURES GENERALLY

7-1-150. Taking of possession by department; cumulative remedies.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    The department may in its discretion take possession of the business and property of any financial institution whenever such financial institution:#

    1. (1)

      Is insolvent or in an unsafe or unsound condition to transact its business;#

    2. (2)

      Has generally suspended payment of its obligations, without authority of law;#

    3. (3)

      Has violated any court order, statute, rule, or regulation or its articles and the department determines that its continued control of its own affairs threatens injury to the public, the financial community, or its depositors and other creditors; or#

    4. (4)

      Requests the department, by its board of directors, to take possession for the benefit of depositors, other creditors, and shareholders.#

  2. (b)

    The right of the department to take possession of a financial institution shall be in addition to and cumulative with all other rights, remedies, and powers of the department. The department may, in its discretion, before or after taking possession, petition the principal court for appointment of a receiver pursuant to subsection (c) of Code Section 7-1-151.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1919, p. 135, art. 7, § 1; Ga. L. 1925, p. 165, § 10; Code 1933, §§ 13-801, 13-802, 25-122; Ga. L. 1935, p. 114, § 1; Ga. L. 1937-38, Ex. Sess., p. 307, § 7; Ga. L. 1943, p. 279, § 1; Ga. L. 1956, p. 742, § 4; Ga. L. 1960, p. 977, § 1; Ga. L. 1962, p. 74, § 3; Ga. L. 1967, p. 597, § 2; Ga. L. 1968, p. 465, § 8; Code 1933, § 41A-701, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2024, p. 1052, § 1(a)(9)/SB 448, effective July 1, 2024.

Amendments

The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, revised punctuation in paragraph (a)(3) and in subsection (b).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, pages 96 to 97; merge action: carried; file SHA-256 5c69f28428d8.