---
title: O.C.G.A. § 7-1-160. Determination to liquidate; filing of supplemental certificate.
collection: code
id: 7-1-160
cite_as: O.C.G.A. § 7-1-160 (2025)
canonical_url: https://georgiacommons.org/code/7-1-160
md_url: https://georgiacommons.org/code/7-1-160.md
text_url: https://georgiacommons.org/code/7-1-160/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t7-t8-(v5)-2024-pdf.pdf?sfvrsn=6386add7_0#page=103
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/7-1.md
previous: https://georgiacommons.org/code/7-1-159.md
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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: BANKING AND FINANCE / FINANCIAL INSTITUTIONS / DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY / RECEIVERSHIP POWERS AND PROCEDURES GENERALLY
---

# O.C.G.A. § 7-1-160. Determination to liquidate; filing of supplemental certificate.

The department shall, within six months after the date on which it takes possession of any financial institution as receiver, determine whether or not to liquidate the business and property and distribute the assets of the financial institution. If it shall determine to liquidate, it shall forthwith file with the principal court a supplement to the certificate of possession, setting forth this determination. The department shall then proceed to liquidate the affairs of the financial institution with as much dispatch as shall appear to be expedient under the circumstances.

## History

Code 1933, § 41A-711, enacted by Ga. L. 1974, p. 705, § 1.