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
§ 7-1-572. Right of Shareholder to Dissent
A shareholder of a bank or trust company shall have the right to dissent from any sale, lease, exchange, or other disposition of all, or substantially all, the property and assets of a bank or trust company pursuant to Code Section 7-1-571, except for a sale wholly for cash pursuant to a plan by which all, or substantially all, of the net proceeds of the sale will be distributed to the shareholders in accordance with their respective interests within one year after the date of the sale. The shareholders' right of dissent shall be exercised as provided in Chapter 2 of Title 14, known as the "Georgia Business Corporation Code."
(Code 1933, § 41A-2603, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1989, p. 946, § 69; Ga. L. 1989, p. 1257, § 18; Ga. L. 2019, p. 828, § 16/HB 185.)
The 2019 amendment, effective July 1, 2019, in the first sentence of this Code section, substituted "pursuant to a plan by which" for "where the shareholders' approval thereof is conditional upon the distribution of"and inserted "will be distributed" in the middle.
Editor's notes.- The amendment to this Code section by Ga. L. 1989, p. 946, § 69, was superseded by the amendment by Ga. L. 1989, p. 1257, § 18, which was enacted later.
RESEARCH REFERENCES
Am. Jur. 2d.
- 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 194, 198, 238.
C.J.S.- 18A C.J.S., Corporations, §§ 394 et seq., 431 et seq.
PART 17 REPRESENTATIVE OFFICES AND REGISTRATION
Editor's notes.
- Ga. L. 1995, p. 673, effective July 1, 1995, repealed the Code section formerly codified at this part and enacted the current part. The former part consisted of Code Section 7-1-590 and was based on Ga. L. 1981, Ex. Sess., p. 8 (Code enactment Act) and Ga. L. 1985, p. 246, § 1; Ga. L. 1986, p. 458, § 7; Ga. L. 1987, p. 3, § 7.
Administrative Rules and Regulations.- Applications, registrations and notifications, Official Compilation of the Rules and Regulations of the State of Georgia, Department of Banking and Finance, Banks, Chapter 80-1-1.
