There is a newer version of the Georgia Code
2010 Georgia Code
TITLE 7 - BANKING AND FINANCE
CHAPTER 1 - FINANCIAL INSTITUTIONS
ARTICLE 2 - BANKS AND TRUST COMPANIES
PART 8 - INCORPORATION OF BANKS AND TRUST COMPANIES
§ 7-1-398 - Liability for premature business
O.C.G.A. 7-1-398 (2010)7-1-398. Liability for premature business
Incorporators and other persons who organize a bank or trust company which transacts business before its capital stock, paid-in capital, and expense fund as required by Code Section 7-1-396 have been paid in shall be jointly and severally liable to depositors and other creditors to make good the amounts not paid in by subscribers or otherwise deficient. Such liability shall be deemed as an asset of the bank or trust company and may be enforced by it, its successors or assignees, or by a shareholder suing derivatively, or by a receiver appointed under this chapter.
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