---
title: O.C.G.A. § 7-1-370. Deposits by financial institutions.
collection: code
id: 7-1-370
cite_as: O.C.G.A. § 7-1-370 (2025)
canonical_url: https://georgiacommons.org/code/7-1-370
md_url: https://georgiacommons.org/code/7-1-370.md
text_url: https://georgiacommons.org/code/7-1-370/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=218
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/7-1-360.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 / BANKS AND TRUST COMPANIES / BANKING DEPOSITORIES, RESERVES, AND REMISSIONS
---

# O.C.G.A. § 7-1-370. Deposits by financial institutions.

(a) Subject to the restrictions of subsection (b) of this Code section and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is:

(1) Selected by, or in any manner authorized by, its directors;

(2) Authorized by law to receive deposits; and

(3) In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved.

(b) If a director of the financial institution has a relationship to a depository as either:

(1) An officer or director; or

(2) An owner of 5 percent or more of the shares of the depository, the depository shall be approved by a majority of the directors other than the director who has such relationship.

## History

Code 1933, § 41A-1701, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1366, § 10; Ga. L. 1997, p. 485, § 14; Ga. L. 2016, p. 390, § 2-4/HB 811.