Georgia Code
Chapter 9 - Georgia Merchant Acquirer Limited Purpose Bank
§ 7-9-5. Articles of Incorporation; Filing; Publication; Registered Agent; Administration by Board of Directors

An application for a charter to operate as a merchant acquirer limited purpose bank to be known as the _______________ and to be located at _______________ in _______________ County, Georgia, will be made to the Secretary of State of Georgia in accordance with Chapter 9 of Title 7 of the Official Code of Georgia Annotated, the ‘Georgia Merchant Acquirer Limited Purpose Bank Act.’ A copy of the articles of incorporation of the proposed merchant acquirer limited purpose bank and the application have been filed with the Department of Banking and Finance.”
The articles of incorporation or the statement must be published once a week for two consecutive weeks with the first publication occurring within ten days of receipt by the newspaper of the articles of incorporation or statement.
History. Code 1981, § 7-9-5 , enacted by Ga. L. 2012, p. 43, § 1/HB 898; Ga. L. 2015, p. 344, § 37/HB 184.

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