---
title: O.C.G.A. § 7-1-570. Secured transactions and other dispositions of assets not requiring shareholder approval.
collection: code
id: 7-1-570
cite_as: O.C.G.A. § 7-1-570 (2025)
canonical_url: https://georgiacommons.org/code/7-1-570
md_url: https://georgiacommons.org/code/7-1-570.md
text_url: https://georgiacommons.org/code/7-1-570/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=299
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 / SALE AND OTHER DISPOSITION OF ASSETS
---

# O.C.G.A. § 7-1-570. Secured transactions and other dispositions of assets not requiring shareholder approval.

(a) Unless the articles or bylaws otherwise provide, the board of directors may authorize any of the following transactions without any vote or consent of the shareholders:

(1) Any mortgage or pledge of, or creation of a security interest in, or conveyance of title to, all or any part of the property and assets of the bank or trust company of any description, or any interest therein, for the purpose of securing the payment or performance of any contract, note, bond, or other obligation of the bank or trust company; or

(2) Any sale, lease, exchange, or other disposition of less than substantially all the property and assets of the bank or trust company.

(b) Any transaction made as permitted by this Code section without any vote or consent of the shareholders may be upon such terms and conditions and for such consideration as the board may deem to be in the best interests of the bank or trust company.

## History

Code 1933, § 41A-2601, enacted by Ga. L. 1974, p. 705, § 1.