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
Chapter 9 - Georgia Merchant Acquirer Limited Purpose Bank
§ 7-9-3. Chartering of Merchant Acquirer Limited Purpose Banks; Regulation Limited
§ 7-9-4. Application; Fees; Minimum Number of Employees
§ 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
§ 7-9-8. Issuance of Certificate of Incorporation by Secretary of State
§ 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
§ 7-9-11.8. Rights and Remedies of Shareholders