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2022 Georgia Code
Title 7 - Banking and Finance
Chapter 1 - Financial Institutions
Article 2 - Banks and Trust Companies
Part 7 - Banking Depositories, Reserves, and Remissions
§ 7-1-370. Deposits by Financial Institutions
Universal Citation: GA Code § 7-1-370 (2022)
- Subject to the restrictions of subsection (b) of this Code section and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is:
- Selected by, or in any manner authorized by, its directors;
- Authorized by law to receive deposits; and
- In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved.
- If a director of the financial institution has a relationship to a depository as either:
- An officer or director; or
- An owner of 5 percent or more of the shares of the depository,
the depository shall be approved by a majority of the directors other than the director who has such relationship.
History. Code 1933, § 41A-1701, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1366, § 10; Ga. L. 1997, p. 485, § 14; Ga. L. 2016, p. 390, § 2-4/HB 811.
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