---
title: O.C.G.A. § 7-1-231. Acquisition of control without approval prohibited.
collection: code
id: 7-1-231
cite_as: O.C.G.A. § 7-1-231 (2025)
canonical_url: https://georgiacommons.org/code/7-1-231
md_url: https://georgiacommons.org/code/7-1-231.md
text_url: https://georgiacommons.org/code/7-1-231/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=134
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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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 / CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS
---

# O.C.G.A. § 7-1-231. Acquisition of control without approval prohibited.

(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.

## 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.

## 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).