---
title: O.C.G.A. § 7-1-391. Prohibition of promoters’ fees.
collection: code
id: 7-1-391
cite_as: O.C.G.A. § 7-1-391 (2025)
canonical_url: https://georgiacommons.org/code/7-1-391
md_url: https://georgiacommons.org/code/7-1-391.md
text_url: https://georgiacommons.org/code/7-1-391/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=224
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 / BANKS AND TRUST COMPANIES / INCORPORATION OF BANKS AND TRUST COMPANIES
---

# O.C.G.A. § 7-1-391. Prohibition of promoters’ fees.

(a) A bank or trust company shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization, except legal fees, commissions or fees to disinterested third parties for sale of bank stock to others, and other usual and ordinary expenses necessary for its organization.

(b) In the event of a violation of this Code section the department may disapprove the articles on account of such violation.

## History

Code 1933, § 41A-1802, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1999, p. 674, § 7; Ga. L. 2024, p. 354, § 1-2/HB 876, effective July 1, 2024.

## Amendments

The 2024 amendment, effective July 1, 2024, deleted former subsection (b), which read: “A majority of incorporators shall file with the department at the time of filing of the articles an affidavit:

“(1) Setting forth all expenses incurred or to be incurred in connection with the organization of the bank or trust company, subscription for its shares, and sale of its shares; and

“(2) Stating that no fee, compensation, or commission prohibited by subsection (a) of this Code section has been paid or incurred.” and redesignated former subsection (c) as present subsection (b).