---
title: O.C.G.A. § 7-9-10. Liability of applicant beginning business before authorized.
collection: code
id: 7-9-10
cite_as: O.C.G.A. § 7-9-10 (2025)
canonical_url: https://georgiacommons.org/code/7-9-10
md_url: https://georgiacommons.org/code/7-9-10.md
text_url: https://georgiacommons.org/code/7-9-10/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=835
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.
up: https://georgiacommons.org/code/7-9.md
previous: https://georgiacommons.org/code/7-9-9.md
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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 / GEORGIA MERCHANT ACQUIRER LIMITED PURPOSE BANK
---

# O.C.G.A. § 7-9-10. Liability of applicant beginning business before authorized.

The applicant who charters a merchant acquirer limited purpose bank which transacts business before its capital stock have been paid in as required under this chapter shall be jointly and severally liable to creditors for the amounts not paid in by subscribers or any other deficiencies. Such liability shall be deemed an asset of the merchant acquirer limited purpose bank and may be enforced by it, its successors or assignees, by a shareholder suing derivatively, or by a receiver appointed by the department.

## History

Code 1981, § 7-9-10, enacted by Ga. L. 2012, p. 43, § 1/HB 898.