The opening and transfer of deposits in a savings and loan association are exempted from all provisions of law of this state which provide for the supervision and the regulation of the sale of securities, even if the word “shares” or similar terminology is used in connection therewith; and the sale of any such deposits shall be legal without any action or approval whatsoever on the part of any official authorized to license, regulate, and supervise the sale of securities.
History. Ga. L. 1937-38, Ex. Sess., p. 307, § 14; Code 1933, § 41A-3518, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2016, p. 390, § 7-4/HB 811.
Cross references.
Exemption from securities-registration requirements of securities issued by federal savings and loan associations, or building and loan associations, § 10-5-8.
Structure Georgia Code
Chapter 1 - Financial Institutions
Article 7 - Building and Loan Associations and Savings and Loan Associations
§ 7-1-777. Principal and Branch Offices
§ 7-1-780. Lien on Deposits to Secure Loans
§ 7-1-781. Conversion Into Savings and Loan Association
§ 7-1-783. Previous Conversions Into Savings and Loan Associations Ratified
§ 7-1-787. Exemption From Securities Regulations
§ 7-1-790. Deposits of Fiduciaries
§ 7-1-791. Payment on Death of Depositor
§ 7-1-792. Deposits Applied to Funeral Expenses
§ 7-1-793. Investment of Funds in Insured Deposits
§ 7-1-794. Deposits as Security or in Lieu of Bond
§ 7-1-795. Savings Account Books and Certificates
§ 7-1-796. Insanity, Incompetency, Bankruptcy, or Death of Depositor