Georgia Code
Part 18 - Bank Branches, Offices, Facilities, and Holding Companies
§ 7-1-606. Bank Holding Companies — Actions Unlawful Without Prior Approval of Commissioner; Exceptions

For the purpose of this paragraph, bank shares shall not be deemed to have been acquired in good faith in a fiduciary capacity if the acquiring bank or company has sole discretionary authority to exercise voting rights with respect thereto; but, in such instances, acquisitions may be made without prior approval of the commissioner if the commissioner, upon application filed within 90 days after the shares are acquired, approves retention or, if retention is disapproved, the acquiring bank disposes of the shares or its sole discretionary voting rights within two years after issuance of the order of disapproval.
(A) Any acquisition or merger or share exchange or consolidation under this Code section which would result in a monopoly or which would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the State of Georgia; or
(B) Any other proposed acquisition or merger or share exchange or consolidation under this Code section whose effect in any section of the state may be substantially to lessen competition, or to tend to create a monopoly, or which in any other manner would be in restraint of trade, unless it finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served.
History. Code 1933, § 13-207.1, enacted by Ga. L. 1976, p. 168, § 3; Ga. L. 1980, p. 542, § 1; Ga. L. 1985, p. 1506, § 1; Ga. L. 1997, p. 143, § 7; Ga. L. 1998, p. 795, § 27; Ga. L. 1999, p. 674, § 17; Ga. L. 2007, p. 502, § 14/SB 70; Ga. L. 2022, p. 220, § 16/HB 891.
The 2022 amendment, effective July 1, 2022, substituted “It” for “On and after July 1, 1976, it” at the beginning of the introductory language of paragraph (a)(1), substituted “these prohibitions” for “this prohibition” in the introductory language of paragraph (a)(2), substituted “such shares” for “any shares acquired after July 1, 1976,” in division (a)(2)(A)(ii), deleted “or” from the end of subparagraph (a)(2)(B), added subparagraph (a)(2)(C), redesignated former subparagraph (a)(2)(C) as subparagraph (a)(2)(D); deleted “and the convenience and needs of the community to be served” from the end of paragraph (b)(2); substituted “Reserved” for “Nothing contained in this Code section shall affect the obligation of any person or company to comply with the provisions of any order of any court or of the commissioner entered prior to July 1, 1976” in subsection (c); and substituted “Part 14, 16,” for “Part 14, 15, 16” in the last sentence in subsection (e).
U.S. Code.
The federal Bank Holding Company Act, referred to in subparagraph (a)(1)(F) of this Code section, is codified as 12 U.S.C. § 1841 et seq.
Law reviews.
For annual survey of law of business associations, see 43 Mercer L. Rev. 85 (1991).

Structure Georgia Code