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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 18. BANK BRANCHES, OFFICES, FACILITIES, AND HOLDING COMPANIES

7-1-601. Branch offices.

Active

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

  1. (a)

    Branch offices may be established by banks doing a lawful banking business in Georgia with the prior approval of the department as follows:#

    1. (1)

      New or additional branch offices may be established de novo in the manner provided in Code Section 7-1-602;#

    2. (2)

      New or additional branch offices may be established through merger, share exchange, consolidation, or sale of assets pursuant to Part 14, 15, 16, 19, or 20 of this article;#

    3. (3)

      A bank may acquire a branch office from another bank without acquisition of the entire bank; or#

    4. (4)

      A bank with two or more existing banking offices in Georgia may redesignate its existing main office as a branch office in accordance with the procedures established by the department.#

  2. (b)

    A bank not doing a lawful banking business in Georgia may become the owner of a branch office in Georgia provided such transaction is consummated under Section 12 or 13 of the Federal Deposit Insurance Act, 12 U.S.C. Section 1811, et seq., as amended.#

  3. (c)

    Taxation of all banks shall be in the manner provided in Chapter 6 of Title 48.#

  4. (d)

    Each branch office will operate under the control and direction of the board of directors and executive officers of the bank, and the bank shall be responsible for adequately staffing the branch office to conduct the business of the branch office in accordance with this chapter, federal law, and the rules and regulations of the department.#

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. 1919, p. 135, art. 1, § 3; Ga. L. 1920, p. 102, § 1; Ga. L. 1927, p. 195, § 1; Code 1933, § 13-203; Ga. L. 1960, p. 67, § 4; Ga. L. 1970, p. 954, § 3; Ga. L. 1975, p. 474, § 1; Ga. L. 1978, p. 1710, § 1; Ga. L. 1987, p. 1586, § 9; Ga. L. 1996, p. 181, § 9; Ga. L. 1996, p. 642, §§ 1, 2; Ga. L. 1996, p. 848, § 10; Ga. L. 1999, p. 674, § 17; Ga. L. 2007, p. 502, § 13/SB 70; Ga. L. 2016, p. 390, § 2-12/HB 811.

Code Commission notes

Pursuant to Code Section 28-9-5, in 1999, “Part” was substituted for “Parts” in paragraph (a)(2).

Cross references

Status of branch or separate office of bank for purpose of computing time within which and determining place at or to which action may be taken or notices or orders given under the Commercial Code, § 11-4-106.

Law reviews

For comment on United States v. Citizens & S. Nat’l Bank, 422 U.S. 86, 95 S. Ct. 2099, 45 L. Ed. 2d 41 (1975), see 10 Ga. L. Rev. 641 (1976). For article discussing compliance with Federal Securities Act of 1933 in bank acquisitions and the issuance of securities of bank holding companies, see 14 Ga. St. B.J. 114 (1978). For review of 1996 banking and finance legislation, see 13 Ga. St. U.L. Rev. 1 (1996). For review of 1996 revenue and taxation legislation, see 13 Ga. U.L. Rev. 294 (1996).

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 307 to 308; merge action: carried; file SHA-256 5c69f28428d8.