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

O.C.G.A. § 7-1-462 (2019)

Dividends and distributions must be authorized by chapter

✓ 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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The directors of a bank or trust company shall not declare dividends or authorize or ratify the distribution of any part of its assets to shareholders by purchase of its shares or otherwise, except as authorized by this chapter.

History

Code 1933, § 41A-2103, enacted by Ga. L. 1974, p. 705, § 1.

Annotations

RESEARCH REFERENCES Am. Jur. 2d. 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 248, 293.