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2020 Georgia Code
Title 7 - Banking and Finance
Chapter 1 - Financial Institutions
Article 2 - Banks and Trust Companies
Part 15 - Conversions, Mergers, and Consolidations Involving National Banks
§ 7-1-557. Merger, Consolidation, or Share Exchange of Nonbank Corporations Into National Banks
Universal Citation: GA Code § 7-1-557 (2020)
A national bank located in this state may merge or consolidate with, or enter into a share exchange with, a corporation other than a bank or trust company, provided that:
- Such merger, share exchange, or consolidation is permitted by the laws of the United States and such laws are complied with;
- The laws governing the merger, share exchange, or consolidation of such corporation are complied with;
- The resulting institution of the merger or consolidation, or the acquired bank in a share exchange, is a national bank;
- The resulting institution of the merger or consolidation, or the acquired bank in a share exchange, holds only assets and liabilities and engages only in activities which may be held or engaged in by a national bank located in this state; and
- The merger, share exchange, or consolidation is not otherwise unlawful.
(Code 1933, § 41A-2508, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2007, p. 502, § 12/SB 70.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 191 et seq., 234.
PART 16 SALE AND OTHER DISPOSITION OF ASSETS
RESEARCH REFERENCES
ALR.
- Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329.
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