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O.C.G.A. § 7-1-440 — Derivative actions by shareholders - When proper | Georgia Code

O.C.G.A. § 7-1-440 (2018) Copy Cite Official Site Syfertize CourtListener Scholar Amendments

TITLE 7 BANKING AND FINANCE

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

ARTICLE 2 BANKS AND TRUST COMPANIES

7-1-440. Derivative actions by shareholders - When proper.

A derivative action may be brought by a shareholder in the right of the bank or trust company to procure a judgment in its favor against directors, officers, or other representatives of the bank or trust company, or shareholders, or third parties, or any combination thereof, whenever the bank or trust company has a claim or cause of action which the representatives of the bank or trust company, in violation of their duties, have failed to enforce, including a claim or cause of action against such representatives for their failure in this respect.

(Code 1933, § 41A-2011, enacted by Ga. L. 1974, p. 705, § 1.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, § 313. 19 Am. Jur. 2d, Corporations, §§ 2243-2272, 2326.

C.J.S.

- 9 C.J.S., Banks and Banking, §§ 480, 481. 18 C.J.S., Corporations, § 482 et seq.

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This Georgia Code resource is curated by Graham Syfert, a personal injury and workers' compensation attorney admitted in Georgia (State Bar of Georgia No. 881027, since 2006) and Florida. For legal consultation, call 904-383-7448.