O.C.G.A. § 7-1-480
Board of directors
Redline — December 1, 2018 → current.View current text →
Current — December 1, 2020
As of December 1, 2018
(1) Administration of the business and affairs of a bank or trust company shall be the responsibility of a board of directors.
(1) Administration of the business and affairs of a bank or trust company shall be the responsibility of a board of directors.
(2) Seventy-five percent of the directors shall be citizens of the United States and at least a majority shall: Reside in Georgia; or
(2) Seventy-five percent of the directors shall be citizens of the United States and at least a majority shall: Reside in Georgia; or
(3) Reside within 40 miles of any banking location authorized to offer a complete banking or trust service.
(3) Reside within 40 miles of any banking location authorized to offer a complete banking or trust service.
(4) The residency requirements of paragraphs (1) and (2) of subsection (b) of this Code section shall not apply to banks having branches in states other than Georgia, provided the residency of directors is consistent with the bank's articles of incorporation and bylaws.
(4) The residency requirements of paragraphs (1) and (2) of subsection (b) of this Code section shall not apply to banks having branches in states other than Georgia, provided that the residency of directors is consistent with the bank's articles of incorporation and bylaws.
(5) The department may waive or modify the requirements of subsection (b) of this Code section with respect to special purpose banks organized pursuant to subsection (c) of Code Section 7-1-394.
(5) The department may waive or modify the requirements of subsection (b) of this Code section relating to the residency requirements in the State of Georgia.
(6) Notwithstanding other provisions of this Code section, directors who were legally qualified to serve on April 1, 1975, may continue to serve for such time as they are continuously members of the board of directors of their bank or trust company.
(6) Notwithstanding other provisions of this Code section, directors who were legally qualified to serve on April 1, 1975, may continue to serve for such time as they are continuously members of the board of directors of their bank or trust company.
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.