Subject to additional definitions contained in the subsequent provisions of this chapter, as used in this chapter, the term:
(1.5) “Agency relationship” is a relationship created by a contractual agreement whereby a financial institution agrees with a third party, including another financial institution, to act in a principal or agent capacity to facilitate the conduct of activities related to the business of banking, which activities are currently authorized under this chapter or under other applicable law.
(22.5) “Main office” means the principal banking location of a bank as such location appears in the records of the Department of Banking and Finance. If a bank does not designate a main office, the department shall choose a banking location of the bank to be the main office.
(29.5) “Registered agent” means the person or corporation on whom service of process is to be made in a proceeding against a bank. Written notice of any change in the identity or address of a bank’s registered agent must be delivered to the Department of Banking and Finance in addition to and at the same time as such notice is filed with the Secretary of State. The provisions of Part 1 of Article 5 of Chapter 2 of Title 14 shall apply to any such registered agent.
(30.5) “Retained earnings” means the balance of the net profits, income, gains, and losses from the date of incorporation or from the latest date when a deficit was last eliminated of a financial institution whose articles were granted by the Secretary of State and excludes subsequent distributions to shareholders and transfers to appropriated retained earnings. Retained earnings shall also include any portion of paid-in capital or appropriated retained earnings or, in the case of other organizations, equivalent funds, allocated to retained earnings in mergers, consolidations, or acquisitions of all or substantially all of the property or assets of another such financial institution or other organization permitted by law.
(34.1) “State savings and loan association” means a bank which pays interest on substantially all of its depositors’ funds and the majority of whose loans are secured by first liens on or other security interest in residential real property or upon the security of its deposits.
History. Code 1933, § 41A-102, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1975, p. 445, § 1; Ga. L. 1977, p. 730, § 1; Ga. L. 1980, p. 972, § 1; Ga. L. 1981, p. 1566, § 1; Ga. L. 1982, p. 3, § 7; Ga. L. 1982, p. 2496, §§ 1, 2; Ga. L. 1983, p. 493, § 2; Ga. L. 1984, p. 949, § 1; Ga. L. 1985, p. 258, § 1; Ga. L. 1986, p. 458, § 1; Ga. L. 1991, p. 94, § 7; Ga. L. 1995, p. 673, §§ 1, 2; Ga. L. 1996, p. 6, § 7; Ga. L. 1998, p. 795, §§ 1, 2; Ga. L. 2000, p. 174, § 1; Ga. L. 2001, p. 362, § 24; Ga. L. 2001, p. 970, § 1; Ga. L. 2005, p. 826, § 1/SB 82; Ga. L. 2006, p. 72, § 7/SB 465; Ga. L. 2007, p. 502, § 1/SB 70; Ga. L. 2009, p. 86, § 1/HB 141; Ga. L. 2011, p. 518, § 1/HB 239; Ga. L. 2012, p. 775, § 7/HB 942; Ga. L. 2015, p. 344, § 1/HB 184; Ga. L. 2015, p. 996, § 3C-1/SB 65; Ga. L. 2016, p. 390, § 7-1/HB 811; Ga. L. 2017, p. 193, § 1/HB 143; Ga. L. 2019, p. 828, § 1/HB 185.
The 2019 amendment, effective July 1, 2019, in paragraph (3), substituted “Reserved.” for “ ‘Appropriated retained earnings’ means that portion of the retained earnings of a bank or trust company set aside by resolution of the board of directors as unavailable for the payment of dividends or other distribution to shareholders.”; substituted “actions” for “action” at the end of division (21)(H)(v); deleted “and” at the end of subparagraph (21)(J); substituted “; and” for a period at the end of subparagraph (21)(K); added subparagraph (21)(L); and, in paragraph (25), deleted “and the expense fund required by Code Section 7-1-396” following “amount of the capital stock” near the middle and deleted “, and any amounts transferred from the expense fund as permitted by Code Section 7-1-412” following “1975” at the end.
Editor’s notes.
The Georgia Business Development Corporation Act of 1972, referred to in subparagraph (21)(F) of this section, was enacted by Ga. L. 1972, p. 798, and repealed by Ga. L. 1974, p. 705, § 3(k). The International Bank Agency Act, referred to in subparagraph (21)(G) of this Code section, was enacted by Ga. L. 1972, p. 1140, and repealed by Ga. L. 1974, p. 705, § 3(j).
Ga. L. 1983, p. 493, § 1, not codified by the General Assembly, provides that: “It is the intent of this Act to implement certain changes required by Article III, Section VI, Paragraph V(a) of the Constitution of the State of Georgia.”
Ga. L. 2015, p. 996, § 1-1/SB 65, not codified by the General Assembly, provides:
“(a) This Act shall be known and may be cited as the ‘Debtor Creditor Uniform Law Modernization Act of 2015.’
“(b) To promote consistency among the states, it is the intent of the General Assembly to modernize certain existing uniform laws promulgated by the Uniform Law Commission affecting debtor and creditor rights, responsibilities, and relationships and other federally recognized laws affecting such rights, responsibilities, and relationships.”
Administrative rules and regulations.
Agency relationship of financial institutions; Bank service contracts, Official Compilation of the Rules and Regulations of the State of Georgia, Department of Banking and Finance, Banks, Chapter 80-1-2.
Law reviews.
For survey article on commercial law, see 34 Mercer L. Rev. 31 (1982).
For article, “Business Associations,” see 53 Mercer L. Rev. 109 (2001).
Structure Georgia Code
Chapter 1 - Financial Institutions
Part 1 - Purposes and Preliminary Matters
§ 7-1-3. Objectives of Chapter; Standards for Construction and Regulation
§ 7-1-5. Unauthorized Activity as a Financial Institution
§ 7-1-6. Notices; Waivers of Notice
§ 7-1-7. Publication of Notices or Advertisements
§ 7-1-8. Applicability of Common Law