Georgia Code
Part 15 - Conversions, Mergers, and Consolidations Involving National Banks
§ 7-1-553. National Bank to State Bank or Trust Company Conversions — Approval or Disapproval by Department; Federal Approval or Disapproval

History. Code 1933, § 41A-2504, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1977, p. 730, § 8; Ga. L. 1989, p. 1257, § 17; Ga. L. 2021, p. 323, § 15/HB 111.
The 2021 amendment, effective July 1, 2021, rewrote subsection (a), which read: “The department shall conduct such investigation as it may deem necessary to ascertain whether:
“(1) In the case of a conversion:
“(A) The articles of conversion and supporting items satisfy the requirements of this chapter;
“(B) The plan adequately protects the interests of depositors, other than creditors and shareholders; and
“(C) The requirements for a conversion under all applicable laws have been satisfied and the resulting institution would satisfy the requirements of this chapter applicable to it; and
“(2) In the case of a merger or consolidation, the criteria stated in subsection (a) of Code Section 7-1-534 are satisfied.”; and, in subsection (b), substituted “may elect to not act on the application” for “may withhold, at its option, its approval from the Secretary of State” near the end of the second sentence and deleted the former third sentence, which read: “If required federal approval is not given, the department may, at its option, withdraw its approval for this reason.

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