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2018 Georgia Code 7-1-36 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-36 Case Law from Google Scholar Amendments to OCGA 7-1-36

TITLE 7 BANKING AND FINANCE

Section 1. Financial Institutions, 7-1-1 through 7-1-1021.

ARTICLE 1 PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY

7-1-36. Oath of commissioner, deputy commissioner, and examiners.

  1. Before entering office, the commissioner shall take an oath before the Governor or one of the Justices of the Supreme Court to support the Constitution of the United States and the Constitution of Georgia and to execute faithfully the duties of his or her office, which oath shall be in writing and subscribed to by the commissioner and filed in the Governor's office. Before entering their respective offices, each deputy commissioner and examiner shall take an oath of office before the commissioner to support the Constitution of the United States and the Constitution of Georgia and to execute faithfully the duties of their respective offices which shall be in writing and subscribed by the deputy commissioner or examiner and filed with the department.
  2. The commissioner, each deputy commissioner, and each examiner shall:
    1. Faithfully discharge, execute, and perform all and singular the duties required of such officer and which may be required by the Constitution and laws of the State of Georgia;
    2. Faithfully account for all moneys that may be received by such officer from time to time by virtue of his office; and
    3. Safely deliver to the successor of such office all books, moneys, vouchers, accounts, and effects whatever belonging to said office.

(Ga. L. 1919, p. 135, art. 2, §§ 6, 11; Code 1933, §§ 13-306, 13-311; Code 1933, § 41A-206, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1984, p. 22, § 7; Ga. L. 1989, p. 1211, § 3; Ga. L. 2016, p. 390, § 1-1/HB 811; Ga. L. 2017, p. 774, § 7/HB 323.)

The 2016 amendment, effective July 1, 2016, rewrote this Code section.

The 2017 amendment, effective May 9, 2017, part of an Act to revise, modernize, and correct the Code, revised punctuation in the first sentence of subsection (a).

Code Commission notes.

- Pursuant to Code Section 28-9-5, in 2016, a period was added following "Governor's office" at the end of the first sentence of subsection (a).

JUDICIAL DECISIONS

Liability of commissioner.

- In a suit against the superintendent of banks (now commissioner of banking and finance), and surety on the superintendent's bond for loss suffered by depositor by the superintendent's failure to discover insolvency of certain savings and loan company, the superintendent could not be held civilly liable for the superintendent's erroneous judgment that the superintendent had no supervisory powers over the corporation unless facts were alleged to show that the superintendent's judgment was willful, malicious, fraudulent, and corrupt. Gormley v. State, 54 Ga. App. 843, 189 S.E. 288 (1936).

Stockholders have no recourse against commissioner.

- Director of bank, and not superintendent of banks (now commissioner of banking and finance), is in charge of business and stockholders of a failed bank have no recourse against the superintendent of banks, or the superintendent's bond, because of the mismanagement of the directors and officers. Hill v. Fidelity & Deposit Co., 44 F.2d 624 (N.D. Ga. 1930).

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