Public-domain · open source
OpenJurist

O.C.G.A. § 7-1-280

Major banking powers

Ga

Right of savings bank to liquidate voluntarily and close business, 69 A.L.R. 1255.

Statute regulating banks and trust companies as special or class legislation, or as denying the equal protection of the laws, 111 A.L.R. 140.

Power of bank officer respecting security or collateral held by bank, 11 A.L.R.2d 1305.

Subject to restrictions contained in this chapter or in its articles, a

bank shall have the power:

(1) To receive money or commercial paper for deposit and to provide by its rules or by agreement for the terms of withdrawal and

interest thereon;

(2) To act as an agent to collect checks, drafts, and other items of commercial paper and in exercising this power to become a member of a clearing-house and grant security interests in its assets for its

qualification therein;

(3) To lend money and discount or purchase evidence of indebtedness and agreements for the payment of money and to take security

title or security interests in real or personal property to secure

obligations owing thereunder;

(4) To service loans made by it or by others whether or not held by

the bank;

(5) To issue, advise, and confirm letters of credit authorizing the beneficiaries thereof to draw upon the bank or its correspondents;

(6) To receive money for transmission;

(7) To buy and sell exchange, coin, and bullion; and

(8) To provide third-party payments services.

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.