TITLE 20 EDUCATION

Section 2. Elementary and Secondary Education, 20-2-1 through 20-2-2180.

ARTICLE 10 CONTRACTS AND PURCHASES BY PUBLIC SCHOOLS

20-2-505.1. Board transacting business with bank or similar institution in which member has interest.

A local board of education having any member thereof who is an employee, stockholder, director, or officer of a bank or similar financial institution shall nevertheless be authorized to transact business with such bank or financial institution without the board or member thereby incurring any criminal liability therefor, as long as such member owns less than 30 percent of the stock or other ownership interest in such bank or financial institution.

(Code 1981, §20-2-505.1, enacted by Ga. L. 1993, p. 1687, § 1.)