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

O.C.G.A. § 53-12-322 (2019)

Acting as fiduciary; establishment of place of business prohibited; certificate of authority required

✓ 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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A foreign entity, insofar as it acts in a fiduciary capacity in this state pursuant to this article, shall not establish or maintain in this state a place of business, branch office, or agency for the conduct in this state of business as a fiduciary unless it obtains a certificate of authority to transact business in this state as required by Article 15 of Chapter 2 of Title 14.

History

Code 1981, § 53-12-322, enacted by Ga. L. 2010, p. 579, § 1/SB 131; Ga. L. 2017, p. 193, § 30/HB 143.

Annotations

The 2017 amendment, effective June 1, 2017, deleted "shall not be required to obtain a certificate of authority to transact business in this state as required by Article 15 of Chapter 2 of Title 14; provided, however, that such foreign entity" following "this article," near the middle, and added "unless it obtains a certificate of authority to transact business in this state as required by Article 15 of Chapter 2 of Title 14" at the end.

OPINIONS OF THE ATTORNEY GENERAL

Editor's notes. - In light of the similarity of the statutory provisions, opinions under former Code 1933, § 108-804, are included in the annotations for this Code section.

Prohibition applies to national banks located in states other than Georgia and makes it clear that out-of-state entities may not open trust offices in Georgia. 1980 Op. Att'y Gen. No. 80-156 (decided under former Code 1933, § 108-804).