Georgia Code
Article 3 - State Depositories
§ 50-17-50. Creation of State Depository Board; Membership; Quorum; Assignment for Administrative Purposes

The State Depository Board, referred to in this article as the “board,” is created, consisting of the Governor, the state chief financial officer, the state accounting officer, the commissioner of banking and finance, the state revenue commissioner, the commissioner of transportation, and the state treasurer, who shall act as administrative officer of the board. A majority of the board shall constitute a quorum, and the acts of the majority shall be the acts of the board. The board, in its discretion, may name and appoint, from time to time, as state depositories of state funds any bank, trust company, or savings and loan association which has its deposits insured by the Federal Deposit Insurance Corporation. The board may also authorize any department, board, bureau, or other agency of the state which has a foreign office to deposit state funds for current operating expenses in certain foreign banks, the deposits of which are not insured by the Federal Deposit Insurance Corporation, provided the balance of such deposits in any one foreign bank does not exceed limits prescribed by the State Depository Board. For the purposes of this article, “foreign bank” shall mean a bank organized under the laws of a foreign country. The board is assigned to the Department of Administrative Services for administrative purposes only as prescribed in Code Section 50-4-3.
History. Ga. L. 1878-79, p. 88, § 1; Code 1882, § 943a; Ga. L. 1888, p. 34, § 1; Ga. L. 1889, p. 54, § 1; Ga. L. 1890-91, p. 67, § 1; Ga. L. 1892, p. 54, § 1; Ga. L. 1893, p. 24, § 1; Ga. L. 1893, p. 25, § 1; Ga. L. 1893, p. 26, § 1; Ga. L. 1893, p. 27, § 1; Ga. L. 1893, p. 28, § 1; Ga. L. 1895, p. 21, § 1; Civil Code 1895, § 982; Ga. L. 1896, p. 39, § 1; Ga. L. 1897, p. 22, § 1; Ga. L. 1898, p. 46, § 1; Ga. L. 1899, p. 27, § 1; Ga. L. 1900, p. 43, § 1; Ga. L. 1901, p. 24, § 1; Ga. L. 1901, p. 25, § 1; Ga. L. 1901, p. 26, § 1; Ga. L. 1901, p. 27, § 1; Ga. L. 1901, p. 28, § 1; Ga. L. 1901, p. 29, § 1; Ga. L. 1902, p. 42, § 1; Ga. L. 1902, p. 43, § 1; Ga. L. 1902, p. 44, § 1; Ga. L. 1902, p. 45, § 1; Ga. L. 1902, p. 46, § 1; Ga. L. 1902, p. 47, § 1; Ga. L. 1902, p. 48, § 1; Ga. L. 1903, p. 28, § 1; Ga. L. 1903, p. 29, § 1; Ga. L. 1903, p. 30, § 1; Ga. L. 1903, p. 31, § 1; Ga. L. 1904, p. 56, § 1; Ga. L. 1904, p. 57, § 1; Ga. L. 1904, p. 58, § 1; Ga. L. 1905, p. 70, § 1; Ga. L. 1905, p. 71, § 1; Ga. L. 1905, p. 72, § 1; Ga. L. 1906, p. 34, § 1; Ga. L. 1906, p. 35, § 1; Ga. L. 1906, p. 36, § 1; Ga. L. 1906, p. 37, § 1; Ga. L. 1906, p. 38, § 1; Ga. L. 1906, p. 39, § 1; Ga. L. 1906, p. 40, § 1; Ga. L. 1906, p. 41, § 1; Ga. L. 1906, p. 42, § 1; Ga. L. 1907, p. 51, § 1; Ga. L. 1907, p. 52, § 1; Ga. L. 1907, p. 53, § 1; Ga. L. 1907, p. 54, § 1; Ga. L. 1908, p. 37, § 1; Ga. L. 1908, p. 38, § 1; Ga. L. 1908, p. 39, § 1; Ga. L. 1908, p. 40, § 1; Ga. L. 1909, p. 82, § 1; Ga. L. 1909, p. 83, § 1; Ga. L. 1909, p. 84, § 1; Ga. L. 1909, p. 85, § 1; Ga. L. 1909, p. 86, § 1; Civil Code 1910, § 1249; Ga. L. 1910, p. 50, § 1; Ga. L. 1910, p. 51, § 1; Ga. L. 1910, p. 52, § 1; Ga. L. 1910, p. 53, § 1; Ga. L. 1911, p. 57, § 1; Ga. L. 1911, p. 58, § 1; Ga. L. 1911, p. 59, § 1; Ga. L. 1911, p. 60, § 1; Ga. L. 1911, p. 61, § 1; Ga. L. 1911, p. 62, § 1; Ga. L. 1911, p. 63, § 1; Ga. L. 1911, p. 64, § 1; Ga. L. 1912, p. 47, § 1; Ga. L. 1912, p. 48, § 1; Ga. L. 1912, p. 49, § 1; Ga. L. 1912, p. 50, § 1; Ga. L. 1912, p. 51, § 1; Ga. L. 1913, p. 40, § 1; Ga. L. 1913, p. 41, § 1; Ga. L. 1914, p. 49, § 1; Ga. L. 1914, p. 50, § 1; Ga. L. 1914, p. 51, § 1; Ga. L. 1914, p. 52, § 1; Ga. L. 1914, p. 53, § 1; Ga. L. 1914, p. 54, § 1; Ga. L. 1914, p. 55, § 1; Ga. L. 1914, p. 56, § 1; Ga. L. 1915, p. 12, § 1; Ga. L. 1915, p. 13, § 1; Ga. L. 1915, p. 14, § 1; Ga. L. 1915, p. 15, § 1; Ga. L. 1916, p. 34, § 1; Ga. L. 1916, p. 35, § 1; Ga. L. 1916, p. 36, § 1; Ga. L. 1918, p. 111, § 1; Ga. L. 1919, p. 83, § 1; Ga. L. 1919, p. 84, § 1; Ga. L. 1920, p. 69, § 1; Ga. L. 1920, p. 70, § 1; Ga. L. 1920, p. 71, § 1; Ga. L. 1920, p. 72, § 1; Ga. L. 1920, p. 73, § 1; Ga. L. 1921, p. 98, § 1; Ga. L. 1921, p. 99, § 1; Ga. L. 1921, p. 100, § 1; Ga. L. 1922, p. 43, § 1; Ga. L. 1922, p. 44, § 1; Ga. L. 1922, p. 45, § 1; Ga. L. 1923, p. 54, § 1; Ga. L. 1923, p. 55, § 1; Ga. L. 1924, p. 49, § 1; Ga. L. 1925, p. 82, § 1; Ga. L. 1925, p. 83, § 1; Ga. L. 1925, p. 84, § 1; Ga. L. 1925, p. 85, § 1; Ga. L. 1925, p. 86, § 1; Ga. L. 1927, p. 140, § 1; Ga. L. 1927, p. 141, § 1; Ga. L. 1927, p. 142, § 1; Ga. L. 1929, p. 159, § 1; Ga. L. 1929, p. 161, § 1; Ga. L. 1929, p. 162, § 1; Ga. L. 1931, p. 119, § 1; Code 1933, § 100-101; Ga. L. 1949, p. 13, §§ 1, 2; Ga. L. 1960, p. 1144, § 1; Ga. L. 1969, p. 681, § 1; Ga. L. 1971, p. 553, § 1; Ga. L. 1972, p. 1015, § 413; Ga. L. 1973, p. 149, § 1; Ga. L. 1980, p. 763, § 1; Ga. L. 1986, p. 855, § 29; Ga. L. 1993, p. 1402, § 18; Ga. L. 1994, p. 97, § 50; Ga. L. 1997, p. 863, § 1; Ga. L. 1997, p. 1525, § 1; Ga. L. 2005, p. 694, § 14/HB 293; Ga. L. 2010, p. 863, §§ 3, 4/SB 296; Ga. L. 2012, p. 775, § 50/HB 942; Ga. L. 2015, p. 1055, § 1/SB 104.
Cross references.
Powers and duties of board with regard to local government investment pool, T. 36, C. 83.
Editor’s notes.
Ga. L. 1960, p. 1144, § 7, not codified by the General Assembly, provides that all retirement, trust, and authority funds shall be exempt from the provisions of the Act.
Ga. L. 1997, p. 1525, § 2, not codified by the General Assembly, provides: “No member of the State Depository Board shall vote to name and appoint as state depositories of state funds any bank, trust company, building and loan association, federal savings and loan association, or the Georgia Credit Union Deposit Corporation in which the member is a stockholder, board member, or owner.

Structure Georgia Code