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2020 Georgia Code
Title 7 - Banking and Finance
Chapter 1 - Financial Institutions
Article 2 - Banks and Trust Companies
Part 11 - Dividends, Distributions, and Preferred Share Acquisition
§ 7-1-463. Preferred Share Acquisition
Universal Citation: GA Code § 7-1-463 (2020)
- Unless otherwise provided in its articles, a bank or trust company, by resolution of its board of directors and with the prior approval of the department, may redeem or otherwise acquire preferred shares. In determining whether or not to give its approval under this subsection, the department shall give primary consideration to the question of whether or not, after the cancellation of the preferred shares, the capital accounts of the bank or trust company would be adequate to support its anticipated deposit or trust business.
- Preferred shares which are redeemed or otherwise acquired shall be canceled and shall not be reissued without prior approval of the department.
(Code 1933, § 41A-2104, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2019, p. 828, § 15/HB 185.)
The 2019 amendment, effective July 1, 2019, deleted ", if immediately after the redemption or other acquisition the bank or trust company would have the paid-in capital and appropriated retained earnings required by Code Section 7-1-411" following "shares" at the end of the first sentence of subsection (a).
RESEARCH REFERENCES
Am. Jur. 2d.
- 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 248, 293.
C.J.S.- 9 C.J.S., Banks and Banking, § 243.
PART 12 MANAGEMENT
RESEARCH REFERENCES
4A Am. Jur. Pleading and Practice Forms, Banks, § 20 et seq.
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