O.C.G.A.

O.C.G.A. § 7-1-231 (2019)

Acquisition of control without approval prohibited

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

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) For purposes of this Code section, the term “financial institution” shall include any “bank holding company” as such term is defined in subsection (a) of Code Section 7-1-605. (b) It shall be unlawful for a person, acting directly or indirectly or through concert with one or more persons, to acquire control or the presumption of control of any financial institution through a purchase, assignment, pledge, or other disposition of voting stock of such institution, except with the approval of the department or as otherwise permitted by this part.

History

Code 1933, § 41A-1001, enacted by Ga.

L. 1980, p. 1076, § 1; Ga. L. 2022, p. 220, § 3/HB 891.

Amendments. The 2022 amendment, effective July 1, 2022, added subsection (a), redesignated the existing provisions of this Code section as subsection (b), and inserted “or the presumption of control” in subsection (b).

Annotations

Cross references. Requirement that department be notified of change in ownership of or right to vote outstanding shares of bank or trust company which will result in control or change in control of the bank or trust company, § 7-1-236.