O.C.G.A.

O.C.G.A. § 7-1-263 (2019)

Property held to avoid loss

✓ 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 bank or trust company may acquire and hold property for the purpose of avoiding loss as specified in paragraph (8) of Code Section 7-1-261, subject to: (1) A determination by a majority vote of its directors at least once each year as to the advisability of retaining any such property, provided that no such property may be held for more than five years without the prior written approval of the department; and (2) Disposition within a period of six months after the date of acquisition or such longer period as the department may approve in writing of shares of its own stock so acquired and of shares of stock of any bank, bank holding company, or trust company held after such acquisition.

History

Ga. L. 1898, p. 78, § 3; Civil Code 1910, § 2817; Ga. L. 1917, p. 56, § 1; Ga. L. 1919, p. 135, art. 19, §§ 22-24; Ga. L. 1920, p. 76, § 1; Ga. L. 1924, p. 76, § 1; Ga. L. 1927, p. 195, § 10; Code 1933, §§ 13-2022, 13-2023, 13-2024, 109-201; Ga. L. 1946, p. 65, § 1; Ga. L. 1947, p. 501, § 1; Ga. L. 1950, p. 18, § 1; Ga. L. 1951, p.

284, § 1; Ga. L. 1957, p. 275, § 1; Ga. L. 1958, p. 133, § 1; Ga. L. 1959, p. 238, § 1; Ga. L. 1962, p. 95, § 1; Ga. L. 1963, p. 512, § 1; Ga. L. 1965, p. 523, § 1; Ga. L. 1966, p. 590, § 8; Ga. L. 1968, p. 1162, § 1; Ga. L. 1969, p. 976, § 1; Ga. L. 1972, p. 1242, § 1; Code 1933, § 41A-1204, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1366, § 6.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. 10 Am. Jur. 2d, Banks and Financial Institutions, § 600 et seq. C.J.S. 9 C.J.S., Banks and Banking, § 239.

ALR. Liability of bank for loss of liberty bonds and war savings stamps, 40 A.L.R. 899.

PART 3 POWERS OF BANKS RESEARCH REFERENCES ALR. Powers of bank president or vice president, 1 A.L.R. 693; 67 A.L.R. 970. Duty of bank when several checks which, in the aggregate, exceed the depositor’s balance, are presented at the same time, 26 A.L.R. 1486. Power of banking corporation to loan money for others, 33 A.L.R. 597. Rights of owners of securities deposited in bank, upon its insolvency, 51 A.L.R. 914; 84 A.L.R. 1534; 126 A.L.R. 625.

Right of savings bank to liquidate voluntarily and close business, 69 A.L.R. 1255. Statute regulating banks and trust companies as special or class legislation, or as denying the equal protection of the laws, 111 A.L.R. 140. Power of bank officer respecting security or collateral held by bank, 11 A.L.R.2d 1305.