Georgia CommonsTitle 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 1. DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY · Part 10. CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS
7-1-231. Acquisition of control without approval prohibited.
Current through: Including Acts of the 2025 Regular Session of the General Assembly.
- (a)
For purposes of this Code section, the term “financial institution” shall include any “bank holding company” as such term is defined in subsection (a) of Code Section 7-1-605.#
- (b)
It shall be unlawful for a person, acting directly or indirectly or through concert with one or more persons, to acquire control or the presumption of control of any financial institution through a purchase, assignment, pledge, or other disposition of voting stock of such institution, except with the approval of the department or as otherwise permitted by this part.#
History
Code 1933, § 41A-1001, enacted by Ga. L. 1980, p. 1076, § 1; Ga. L. 2022, p. 220, § 3/HB 891.
Amendments
The 2022 amendment, effective July 1, 2022, added subsection (a), redesignated the existing provisions of this Code section as subsection (b), and inserted “or the presumption of control” in subsection (b).
Cross references
Requirement that department be notified of change in ownership of or right to vote outstanding shares of bank or trust company which will result in control or change in control of the bank or trust company, § 7-1-236.
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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 134 to 135; merge action: carried; file SHA-256 5c69f28428d8.
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