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2020 Georgia Code
Title 7 - Banking and Finance
Chapter 1 - Financial Institutions
Article 2 - Banks and Trust Companies
Part 12 - Management
§ 7-1-480. (For Effective Date, See note.) Board of Directors

Universal Citation: GA Code § 7-1-480 (2020)
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  1. Administration of the business and affairs of a bank or trust company shall be the responsibility of a board of directors.
  2. Seventy-five percent of the directors shall be citizens of the United States and at least a majority shall:
    1. Reside in Georgia; or
    2. Reside within 40 miles of any banking location authorized to offer a complete banking or trust service.
  3. The residency requirements of paragraphs (1) and (2) of subsection (b) of this Code section shall not apply to banks having branches in states other than Georgia, provided that the residency of directors is consistent with the bank's articles of incorporation and bylaws.
  4. The department may waive or modify the requirements of subsection (b) of this Code section relating to the residency requirements in the State of Georgia.
  5. Notwithstanding other provisions of this Code section, directors who were legally qualified to serve on April 1, 1975, may continue to serve for such time as they are continuously members of the board of directors of their bank or trust company.

(Ga. L. 1898, p. 78, § 4; Civil Code 1910, § 2818; Ga. L. 1917, p. 62, § 1; Ga. L. 1919, p. 135, art. 19, §§ 1, 2; Ga. L. 1927, p. 195, § 8; Code 1933, §§ 13-2001, 13-2002, 109-103; Ga. L. 1943, p. 249, § 3; Ga. L. 1947, p. 476, § 1; Ga. L. 1947, p. 480, § 1; Ga. L. 1949, p. 378, § 1; Ga. L. 1959, p. 323, § 1; Ga. L. 1961, p. 196, § 1; Ga. L. 1966, p. 590, § 6; Ga. L. 1973, p. 811, § 1; Code 1933, § 41A-2201, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1986, p. 458, § 6; Ga. L. 1987, p. 1586, § 7; Ga. L. 1997, p. 485, § 15; Ga. L. 2000, p. 174, § 9; Ga. L. 2001, p. 970, § 4; Ga. L. 2020, p. 320, § 3/HB 781.)

Code Commission notes.

- Pursuant to Code Section 28-9-5, in 2000, "bank's" was substituted for "banks" in subsection (c).

Law reviews.

- For article discussing limitations on the establishment and transaction of international banking in Georgia, see 27 Mercer L. Rev. 629 (1976). For article, "Business Associations," see 53 Mercer L. Rev. 109 (2001).

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 329 et seq., 476.

C.J.S.

- 9 C.J.S., Banks and Banking, §§ 99, 104 et seq., 111.

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