History. Ga. L. 1919, p. 135, art. 19, §§ 29, 30; Code 1933, §§ 13-2029, 13-2030, 13-2031, 13-2032; Code 1933, § 41A-2101, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2009, p. 86, § 6/HB 141; Ga. L. 2012, p. 795, § 2/HB 945; Ga. L. 2019, p. 828, § 13/HB 185; Ga. L. 2020, p. 320, § 2/HB 781.
The 2019 amendment, effective July 1, 2019, substituted “The” for “Dividends may not be declared or paid at any time that the bank or trust company does not have the paid-in capital and appropriated retained earnings required by Code Section 7-1-411, except the” at the beginning of paragraph (a)(2); and deleted “and, after payment of the dividend, the bank or trust company continues to maintain the paid-in capital and appropriated retained earnings required by Code Section 7-1-411” following “shares distributed” near the end of paragraph (a)(4).
The 2020 amendment, effective January 1, 2021, rewrote paragraph (a)(2), which read: “The department may approve the payment of dividends by a Subchapter S bank, prior to cumulative profitability, for the sole purpose of providing its shareholders with a source of funds to pay federal and state income taxes on the Subchapter S bank’s income that is taxable to those shareholders;”.
Structure Georgia Code