---
title: O.C.G.A. § 7-9-5.3. Officers and employees.
collection: code
id: 7-9-5.3
cite_as: O.C.G.A. § 7-9-5.3 (2025)
canonical_url: https://georgiacommons.org/code/7-9-5.3
md_url: https://georgiacommons.org/code/7-9-5.3.md
text_url: https://georgiacommons.org/code/7-9-5.3/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=828
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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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. § 7-9-5.3. Officers and employees.

(a) A merchant acquirer limited purpose bank shall maintain a chief executive officer, chief information officer, chief risk officer, and such other officers the department may require by rule or regulation. A person may hold more than one office; provided, however, that no person shall serve as both chief executive officer and chief risk officer.

(b) Except as otherwise provided for in the articles or bylaws, the board of directors shall elect officers, fix their compensation, and fill vacancies. An officer elected or appointed by the board may be removed without prejudice to any contract right of such officer upon determination by the board that such removal is in the best interests of the merchant acquirer limited purpose bank. The merchant acquirer limited purpose bank shall immediately notify the department in writing upon a change in the position of chief executive officer or president.

(c) Officers of a merchant acquirer limited purpose bank shall have such authority and perform such duties as provided for in the bylaws adopted by the board.

(d) A merchant acquirer limited purpose bank may employ such agents or employees as necessary for the prompt and orderly discharge of its business.

## History

Code 1981, § 7-9-5.3, enacted by Ga. L. 2016, p. 390, § 4-1/HB 811.