Georgia Commons

Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 2. BANKS AND TRUST COMPANIES · Part 12. MANAGEMENT

7-1-480. Board of directors.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

  1. (a)

    Administration of the business and affairs of a bank or trust company shall be the responsibility of a board of directors.#

  2. (b)

    Seventy-five percent of the directors shall be citizens of the United States and at least a majority shall:#

    1. (1)

      Reside in Georgia; or#

    2. (2)

      Reside within 40 miles of any banking location authorized to offer a complete banking or trust service.#

  3. (c)

    The residency requirements of paragraphs (1) and (2) of subsection (b) of this Code section shall not apply to banks having branches in states other than Georgia, provided that the residency of directors is consistent with the bank’s articles of incorporation and bylaws.#

  4. (d)

    The department may waive or modify the requirements of subsection (b) of this Code section relating to the residency requirements in the State of Georgia.#

  5. (e)

    Notwithstanding other provisions of this Code section, directors who were legally qualified to serve on April 1, 1975, may continue to serve for such time as they are continuously members of the board of directors of their bank or trust company.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Ga. L. 1898, p. 78, § 4; Civil Code 1910, § 2818; Ga. L. 1917, p. 62, § 1; Ga. L. 1919, p. 135, art. 19, §§ 1, 2; Ga. L. 1927, p. 195, § 8; Code 1933, §§ 13-2001, 13-2002, 109-103; Ga. L. 1943, p. 249, § 3; Ga. L. 1947, p. 476, § 1; Ga. L. 1947, p. 480, § 1; Ga. L. 1949, p. 378, § 1; Ga. L. 1959, p. 323, § 1; Ga. L. 1961, p. 196, § 1; Ga. L. 1966, p. 590, § 6; Ga. L. 1973, p. 811, § 1; Code 1933, § 41A-2201, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1986, p. 458, § 6; Ga. L. 1987, p. 1586, § 7; Ga. L. 1997, p. 485, § 15; Ga. L. 2000, p. 174, § 9; Ga. L. 2001, p. 970, § 4; Ga. L. 2020, p. 320, § 3/HB 781.

Code Commission notes

Pursuant to Code Section 28-9-5, in 2000, “bank’s” was substituted for “banks” in subsection (c).

Law reviews

For article discussing limitations on the establishment and transaction of international banking in Georgia, see 27 Mercer L. Rev. 629 (1976). For article, “Business Associations,” see 53 Mercer L. Rev. 109 (2001).

Read the official page (the state's PDF, opened at the page this text was read from).

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, page 261; merge action: carried; file SHA-256 5c69f28428d8.

Ask about this section

The answer is drawn from this section and, when they fit, the other sections of its chapter. It quotes the text and names the section for each claim. Not legal advice.

Answers come from this document. Not legal advice.