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Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 2. BANKS AND TRUST COMPANIES · Part 15. CONVERSIONS, MERGERS, AND CONSOLIDATIONS INVOLVING NATIONAL BANKS

7-1-550. National bank or federal savings bank to state bank or trust company conversions.

Active

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

  1. (a)

    Subject to this part and any applicable branching law or regulation, a national bank may convert to a bank or trust company upon:#

    1. (1)

      Compliance with the applicable laws of the United States, including any provisions thereof relating to approval of said conversion by the shareholders and directors of the national bank and to dissenting rights of shareholders in such national bank, and compliance with any other requirements prescribed by the department to protect the shareholders or members or the safety and soundness of the institution;#

    2. (2)

      Reserved;#

    3. (3)

      Approval of the conversion by the department as provided in this part; and#

    4. (4)

      Issuance of the appropriate certificate by the Secretary of State as provided in this part.#

  2. (b)

    Reserved.#

  3. (c)

    A federal savings bank may apply to the department to convert to a state charter. The provisions of Code Section 7-1-293 shall apply to the resulting bank, and the conversion procedure shall be the same as for national bank conversions.#

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. 1953, Jan.-Feb. Sess., p. 73, §§ 3, 4; Code 1933, § 41A-2501, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1982, p. 3, § 7; Ga. L. 1996, p. 848, § 9; Ga. L. 1997, p. 485, § 18; Ga. L. 1999, p. 674, § 13; Ga. L. 2005, p. 826, § 10/SB 82; Ga. L. 2021, p. 323, § 12/HB 111.

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, pages 294 to 295; merge action: carried; file SHA-256 5c69f28428d8.