O.C.G.A.

O.C.G.A. § 7-9-10 (2019)

Liability of applicant beginning business before authorized

✓ 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 applicant who charters a merchant acquirer limited purpose bank which transacts business before its capital stock have been paid in as required under this chapter shall be jointly and severally liable to creditors for the amounts not paid in by subscribers or any other deficiencies. Such liability shall be deemed an asset of the merchant acquirer limited purpose bank and may be enforced by it, its successors

or assignees, by a shareholder suing derivatively, or by a receiver appointed by the department.

History

Code 1981, § 7-9-10, enacted by Ga. L. 2012, p. 43, § 1/HB 898.