There is a newer version of the Georgia Code
2010 Georgia Code
TITLE 7 - BANKING AND FINANCE
CHAPTER 1 - FINANCIAL INSTITUTIONS
ARTICLE 7 - BUILDING AND LOAN ASSOCIATIONS AND SAVINGS AND LOAN ASSOCIATIONS
§ 7-1-787 - Exemption from securities regulations
O.C.G.A. 7-1-787 (2010)7-1-787. Exemption from securities regulations
The opening and transfer of deposits in a building and loan association or 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.
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