Syfert Injury Law Firm

Your Trusted Partner in Personal Injury & Workers' Compensation

Call Now: 904-383-7448

2018 Georgia Code 7-1-516 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 7-1-516 Case Law from Google Scholar Amendments to OCGA 7-1-516

TITLE 7 BANKING AND FINANCE

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

ARTICLE 2 BANKS AND TRUST COMPANIES

7-1-516. Effect of certificate of amendment.

  1. As of the issuance of the certificate of amendment by the Secretary of State, each amendment shall become effective and the articles shall be deemed to be amended accordingly.
  2. The certificate of amendment shall be conclusive evidence of the performance of all conditions required by this chapter for amendment of articles, except as against the state.
  3. No amendment shall affect any existing cause of action in favor of or against the bank or trust company, any pending action in which the bank or trust company is a party, or existing rights of persons other than shareholders. If the amendment changes the name of the bank or trust company, no action by or against the institution shall be abated for that reason.

(Code 1933, § 41A-2307, enacted by Ga. L. 1974, p. 705, § 1.)

PART 14 M ERGER AND CONSOLIDATION OF STATE BANKS AND TRUST COMPANIES

JUDICIAL DECISIONS

Constitutionality of impairment of shareholders' rights under part.

- Application of provisions dealing with merger and consolidation of state banks does not impair the shareholders' rights in such a way as to offend the constitutional prohibition against retroactivity. Baugh v. Citizens & S. Nat'l Bank, 248 Ga. 180, 281 S.E.2d 531 (1981).

OPINIONS OF THE ATTORNEY GENERAL

Disclosure and approval requirements for mergers involving banks are generally more difficult than the same procedures for nonbank corporations. 1981 Op. Att'y Gen. No. 81-103.

Banks are "corporations" for purposes of

§ 10-5-9(12). - Banks should be considered to fall within the term "corporation" as that term is used in registration exemption in O.C.G.A. § 10-5-9(12) since bank shareholders, in merger transactions, are adequately protected by other statutory provisions which effectuate the investor protection purpose of O.C.G.A. Ch. 5, T. 10. In addition, banks should be considered "corporations" because banks are given similar corporate powers as nonbank corporations, thereby evidencing intent on the part of the General Assembly to treat banks as corporations for purposes of general corporate law. 1981 Op. Att'y Gen. No. 81-103.

Language contained in former provisions on corporate merger (see now O.C.G.A § 14-2-1108) was not inconsistent with or contrary to the express provisions of the law governing financial institutions. 1972 Op. Att'y Gen. No. 72-169.

RESEARCH REFERENCES

ALR.

- Novation where bank transfers its assets to another bank which assumes its obligation, 79 A.L.R. 82.

No results found for Georgia Code 7-1-516.