O.C.G.A.
O.C.G.A.

O.C.G.A. § 33-11-31 (2019)

Acquisition or holding of real property - Acquisition and holding of real property for recreation, hospitalization, convalescence, and retirement of employees

✓ O.C.G.A. (archive.org 2024 item): print volumes of 2004-2024, per-volume vintage; older volumes partly replaced by 2019 Release 73 text; no 2025 or 2026 Acts
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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Subject to prior approval of the Commissioner, an insurer may acquire and hold real property for recreation, hospitalization, convalescence, and retirement purposes of its employees. All investments under this Code section shall not exceed 5 percent of the insurer's surplus; or, if a mutual or reciprocal insurer, all of those investments shall not exceed 5 percent of the insurer's surplus in excess of the surplus required to be maintained under this title for its authority to transact insurance.

History

(Code 1933, § 56-1030, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 1999, p. 592, § 6.)

Annotations

OPINIONS OF THE ATTORNEY GENERAL A repurchase agreement transaction can be an authorized investment of the Teachers Retirement System, Employees’ Retirement System, and Georgia State Financing and Investment Commission, so long as the transaction is intended by the parties to be a sale and repurchase of securities on terms under which such

securities might normally be sold, the documents supporting the transaction adequately record that intention of the parties, and the securities involved are those in which the state entity is otherwise authorized to invest. 1979 Op. Att’y Gen. No. 79-62.

ARTICLE 1 INVESTMENTS OF CERTAIN INSURERS Editor’s notes. - Ga. L. 1999, p. 592, § 6, effective January 1, 2000, designated

the existing provisions of this chapter as Article 1 thereof.