There is a newer version
of
this Section
2020 Georgia Code
Title 7 - Banking and Finance
Chapter 1 - Financial Institutions
Article 2 - Banks and Trust Companies
Part 16 - Sale and Other Disposition of Assets
§ 7-1-570. Secured Transactions and Other Dispositions of Assets Not Requiring Shareholder Approval
Universal Citation: GA Code § 7-1-570 (2020)
- Unless the articles or bylaws otherwise provide, the board of directors may authorize any of the following transactions without any vote or consent of the shareholders:
- Any mortgage or pledge of, or creation of a security interest in, or conveyance of title to, all or any part of the property and assets of the bank or trust company of any description, or any interest therein, for the purpose of securing the payment or performance of any contract, note, bond, or other obligation of the bank or trust company; or
- Any sale, lease, exchange, or other disposition of less than substantially all the property and assets of the bank or trust company.
- Any transaction made as permitted by this Code section without any vote or consent of the shareholders may be upon such terms and conditions and for such consideration as the board may deem to be in the best interests of the bank or trust company.
(Code 1933, § 41A-2601, enacted by Ga. L. 1974, p. 705, § 1.)
RESEARCH REFERENCES
C.J.S.
- 18A C.J.S., Corporations, § 296 et seq.
Disclaimer: These codes may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
