---
title: O.C.G.A. § 7-1-230. Definitions.
collection: code
id: 7-1-230
cite_as: O.C.G.A. § 7-1-230 (2025)
canonical_url: https://georgiacommons.org/code/7-1-230
md_url: https://georgiacommons.org/code/7-1-230.md
text_url: https://georgiacommons.org/code/7-1-230/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=133
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: BANKING AND FINANCE / FINANCIAL INSTITUTIONS / DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY / CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS
---

# O.C.G.A. § 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.

## History

Code 1933, § 41A-1005, enacted by Ga. L. 1980, p. 1076, § 1; Ga. L. 2022, p. 220, § 2/HB 891.

## Amendments

The 2022 amendment, effective July 1, 2022, added paragraph (1), redesignated former paragraphs (1) and (2) as paragraphs (2) and (3), and added paragraph (4).