---
title: O.C.G.A. § 7-1-463. Preferred share acquisition.
collection: code
id: 7-1-463
cite_as: O.C.G.A. § 7-1-463 (2025)
canonical_url: https://georgiacommons.org/code/7-1-463
md_url: https://georgiacommons.org/code/7-1-463.md
text_url: https://georgiacommons.org/code/7-1-463/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=260
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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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 / DIVIDENDS, DISTRIBUTIONS, AND PREFERRED SHARE ACQUISITION
---

# O.C.G.A. § 7-1-463. Preferred share acquisition.

(a) Unless otherwise provided in its articles, a bank or trust company, by resolution of its board of directors and with the prior approval of the department, may redeem or otherwise acquire preferred shares. In determining whether or not to give its approval under this subsection, the department shall give primary consideration to the question of whether or not, after the cancellation of the preferred shares, the capital accounts of the bank or trust company would be adequate to support its anticipated deposit or trust business.

(b) Preferred shares which are redeemed or otherwise acquired shall be canceled and shall not be reissued without prior approval of the department.

## History

Code 1933, § 41A-2104, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2019, p. 828, § 15/HB 185.