TITLE 7 BANKING AND FINANCE

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

ARTICLE 2 BANKS AND TRUST COMPANIES

7-1-557. Merger, consolidation, or share exchange of nonbank corporations into national banks.

A national bank located in this state may merge or consolidate with, or enter into a share exchange with, a corporation other than a bank or trust company, provided that:

1. Such merger, share exchange, or consolidation is permitted by the laws of the United States and such laws are complied with;
2. The laws governing the merger, share exchange, or consolidation of such corporation are complied with;
3. The resulting institution of the merger or consolidation, or the acquired bank in a share exchange, is a national bank;
4. The resulting institution of the merger or consolidation, or the acquired bank in a share exchange, holds only assets and liabilities and engages only in activities which may be held or engaged in by a national bank located in this state; and
5. The merger, share exchange, or consolidation is not otherwise unlawful.

(Code 1933, § 41A-2508, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2007, p. 502, § 12/SB 70.)