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O.C.G.A. § 7-1-230

Definitions

nated former paragraphs (1) and (2) as Code 1933, § 41A-1005, enacted by Ga. paragraphs (2) and (3), and added para- L. 1980, p. 1076, § 1; Ga

As used in this part, the term:

(1) “Concert with one or more persons” includes, but is not limited to, the following persons and relationships:

(A) A company and any controlling shareholder, partner, trustee, or management official of the company if both the company and the individual own voting securities of the financial institution;

(B) An individual and the individual’s immediate family; (C) Companies under common control;

(D) Persons that are parties to any agreement, contract, un-

derstanding, or other arrangement, whether written or otherwise, regarding the acquisition, voting, or transfer of control of voting securities of a financial institution;

(E) Persons that have made, or propose to make, a joint filing under Section 13 or 14 of the Securities Exchange Act of 1934 and the rules promulgated thereunder by the United States Securities and Exchange Commission; and

(F) A person and any trust for which the person serves as trustee.

(2) “Control” means the power directly or indirectly to direct the management or policies of a financial institution or to vote 25 percent or more of any class of voting securities of a financial institution.

(3) “Person” means an individual or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed in this paragraph.

(4) “Presumption of control” means a person which directly or indirectly owns, controls, or has the power to vote more than 10 percent but less than 25 percent of any class of voting securities of a financial institution if no other persons will own, control, or hold the power to vote a greater percentage of that class of voting securities immediately after the transaction.

Current official text: Official Code of Georgia Annotated (LexisNexis). Digitized from the Internet Archive scan of the OCGA. Reproduced from public-domain Georgia statutes; confirm against the official source for the current text. Not legal advice.