§ 7-9-7. Investigation; Approval or Disapproval of Charter Application; “Conviction Data” Defined; Background Checks; Impact of Disapproval
Upon receipt of the articles of incorporation and the filings and fees from the applicant as required under this chapter, the department shall conduct such investigation as it may deem necessary to ascertain whether it should approve the proposed merchant acquirer limited purpose bank. The department shall approve the charter of a merchant acquirer limited […]
§ 7-9-8. Issuance of Certificate of Incorporation by Secretary of State
The Secretary of State shall immediately issue a certificate of incorporation to a proposed merchant acquirer limited purpose bank upon submission of: Written approval of the articles of incorporation by the department with a copy attached; An affidavit executed by the duly authorized agent or publisher of a newspaper swearing that the articles of incorporation […]
§ 7-9-9. Corporate Existence; Shareholders; Authority to Regulate and Supervise Sale of Shares; Legal Effect of Incorporation Certificate; When Business May Begin
The corporate existence of the merchant acquirer limited purpose bank shall begin upon the issuance of a certificate of incorporation by the Secretary of State. Those persons who subscribed for shares prior to filing of the articles, or their assignees, shall be shareholders in the merchant acquirer limited purpose bank. The department shall have full […]
§ 7-9-10. Liability of Applicant Beginning Business Before Authorized
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 […]
§ 7-9-11. Capital Stock and Paid-in Surplus Requirements
A merchant acquirer limited purpose bank shall at all times maintain capital stock and paid-in surplus as required by policies of the department but in no event less than $3 million. History. Code 1981, § 7-9-11 , enacted by Ga. L. 2012, p. 43, § 1/HB 898.
§ 7-9-11.1. Merger or Consolidation of Limited Purpose Bank; Compliance With Provisions of Chapter 9
Merchant acquirer limited purpose banks may merge or consolidate upon compliance with the requirements of this chapter and other applicable laws and regulations. A corporation other than a merchant acquirer limited purpose bank may be merged into or may be consolidated with a merchant acquirer limited purpose bank, provided that: The resulting institution of the […]
§ 7-9-11.2. Terms and Conditions of Merger or Consolidation
The parties to a merger or consolidation of a merchant acquirer limited purpose bank shall: Adopt a plan stating the method, terms, and conditions of the merger or consolidation, including the rights under the plan of the shareholders of each of the parties and any agreement concerning the merger or consolidation. Such plan shall specify: […]
§ 7-9-11.3. Notice of Merger or Consolidation; Filing
Upon adoption of the plan of merger or consolidation as provided in Code Section 7-9-11.2, parties to a merger or consolidation shall file with the department articles of a merger or consolidation pursuant to the requirements of this Code section together with the fee required by Code Section 7-1-862. The articles of merger or consolidation […]
§ 7-9-11.4. Parties to Merger or Consolidation Plan to File Application; Requirements
In addition to the filing of articles of merger and consolidation under Code Section 7-9-11.3, the parties to a merger or consolidation plan shall also file with the department: An application including any information desired by the department in order to evaluate the proposed merger or consolidation, which shall be made available in the form […]
§ 7-9-11.5. Investigation of Merger or Consolidation Plan; Approval or Disapproval
Upon receipt of the articles of merger or consolidation and the filings required by Code Section 7-9-11.4, the department shall conduct such investigation as it may deem necessary to ascertain whether: The articles of merger or consolidation and supporting items satisfy the requirements of this chapter; The merger or consolidation plan and any modification thereof […]