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2018 Georgia Code 7-1-787 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)

O.C.G.A. 7-1-787 Case Law from Google Scholar Amendments to OCGA 7-1-787

TITLE 7 BANKING AND FINANCE

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

ARTICLE 7 BUILDING AND LOAN ASSOCIATIONS AND SAVINGS AND LOAN ASSOCIATIONS

7-1-787. Exemption from securities regulations.

The opening and transfer of deposits in a savings and loan association are exempted from all provisions of law of this state which provide for the supervision and the regulation of the sale of securities, even if the word "shares" or similar terminology is used in connection therewith; and the sale of any such deposits shall be legal without any action or approval whatsoever on the part of any official authorized to license, regulate, and supervise the sale of securities.

(Ga. L. 1937-38, Ex. Sess., p. 307, § 14; Code 1933, § 41A-3518, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2016, p. 390, § 7-4/HB 811.)

The 2016 amendment, effective July 1, 2016, deleted "building and loan association or" preceding "savings and loan association" near the beginning of this Code section.

Cross references.

- Exemption from securities-registration requirements of securities issued by federal savings and loan associations, or building and loan associations, § 10-5-8.

RESEARCH REFERENCES

ALR.

- Purchase or retirement of stock by building and loan association at a price less than its withdrawal value, 134 A.L.R. 1212.

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