Georgia Code
Chapter 9 - Georgia Merchant Acquirer Limited Purpose Bank
§ 7-9-10. Liability of Applicant Beginning Business Before Authorized

The applicant who charters a merchant acquirer limited purpose bank which transacts business before its capital stock have been paid in as required under this chapter shall be jointly and severally liable to creditors for the amounts not paid in by subscribers or any other deficiencies. Such liability shall be deemed an asset of the merchant acquirer limited purpose bank and may be enforced by it, its successors or assignees, by a shareholder suing derivatively, or by a receiver appointed by the department.
History. Code 1981, § 7-9-10 , enacted by Ga. L. 2012, p. 43, § 1/HB 898.

Structure Georgia Code

Georgia Code

Title 7 - Banking and Finance

Chapter 9 - Georgia Merchant Acquirer Limited Purpose Bank

§ 7-9-1. Short Title

§ 7-9-2. Definitions

§ 7-9-3. Chartering of Merchant Acquirer Limited Purpose Banks; Regulation Limited

§ 7-9-4. Application; Fees; Minimum Number of Employees

§ 7-9-5. Articles of Incorporation; Filing; Publication; Registered Agent; Administration by Board of Directors

§ 7-9-5.1. Meetings

§ 7-9-5.2. Bylaws

§ 7-9-5.3. Merchant Acquirer Limited Purpose Bank

§ 7-9-5.4. Oath of Office; Administration of Affairs

§ 7-9-6. Information to Be Included on Charter Application

§ 7-9-7. Investigation; Approval or Disapproval of Charter Application; “Conviction Data” Defined; Background Checks; Impact of Disapproval

§ 7-9-8. Issuance of Certificate of Incorporation by Secretary of State

§ 7-9-9. Corporate Existence; Shareholders; Authority to Regulate and Supervise Sale of Shares; Legal Effect of Incorporation Certificate; When Business May Begin

§ 7-9-10. Liability of Applicant Beginning Business Before Authorized

§ 7-9-11. Capital Stock and Paid-in Surplus Requirements

§ 7-9-11.1. Merger or Consolidation of Limited Purpose Bank; Compliance With Provisions of Chapter 9

§ 7-9-11.2. Terms and Conditions of Merger or Consolidation

§ 7-9-11.3. Notice of Merger or Consolidation; Filing

§ 7-9-11.4. Parties to Merger or Consolidation Plan to File Application; Requirements

§ 7-9-11.5. Investigation of Merger or Consolidation Plan; Approval or Disapproval

§ 7-9-11.6. Issuance of Certificate of Merger or Consolidation

§ 7-9-11.7. Certificate Effective Upon Issuance by Secretary of State; Evidence of Satisfactory Performance; Effect of Merger

§ 7-9-11.8. Rights and Remedies of Shareholders

§ 7-9-12. Limitations on Depositors and Deposit-Taking Activities; Deposit Insurance; Self-Acquiring Activities Not Permitted

§ 7-9-12.1. Treatment of Merchant Funds

§ 7-9-13. Enforcement by Department; Rules and Regulations