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 10. CHANGE IN CONTROL OF FINANCIAL INSTITUTIONS
7-1-236. Report of change in control.
Current through: Including Acts of the 2025 Regular Session of the General Assembly.
Whenever a change occurs in the ownership of or right to vote the outstanding shares of any bank or trust company which will result in the control or a change in the control of the bank or trust company, the president or other officer of such bank or trust company shall, within ten days after knowledge thereof, report such facts to the department. Notwithstanding Code Section 7-1-230, as used in this Code section, the term “control” means the power to direct or cause, directly or indirectly, the direction of the management or policies of the institution. If there is any doubt as to whether a change in the ownership or voting rights of such shares is sufficient to result in control thereof or to effect a change in the control thereof, such doubt shall be resolved in favor of reporting the facts to the department.
History
Code 1933, § 13-2006, enacted by Ga. L. 1965, p. 524, § 1; Code 1933, § 41A-2013, enacted by Ga. L. 1974, p. 705, § 1; Code 1981, § 7-1-442; Code 1981, § 7-1-236, as redesignated by Ga. L. 1986, p. 458, § 3; Ga. L. 2022, p. 220, § 7/HB 891.
Amendments
The 2022 amendment, effective July 1, 2022, substituted “Notwithstanding Code Section 7-1-230, as” for “As” at the beginning of the second sentence.
Editor's notes
Ga. L. 1986, p. 458, § 3, redesignated former Code Section 7-1-442 as present Code Section 7-1-236.
Cross references
Procedure for giving notice to department of proposed change in control of financial institution, § 7-1-230 et seq.
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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 138 to 139; merge action: carried; file SHA-256 5c69f28428d8.