§ 7-9-11.6. Issuance of Certificate of Merger or Consolidation
Upon payment of all required taxes, fees, and charges, the Secretary of State shall issue to any resulting merchant acquirer limited purpose bank a certificate of merger or consolidation with the approved articles of merger or consolidation attached thereto, provided that the name of the resulting merchant acquirer limited purpose bank in a merger or […]
§ 7-9-11.7. Certificate Effective Upon Issuance by Secretary of State; Evidence of Satisfactory Performance; Effect of Merger
A merger or consolidation of a merchant acquirer limited purpose bank shall become effective upon the issuance of a certificate of merger or consolidation by the Secretary of State. A certificate of merger or consolidation shall be conclusive evidence of satisfactory performance of all conditions precedent to a merger or consolidation and of the existence […]
§ 7-9-11.8. Rights and Remedies of Shareholders
A shareholder of a merchant acquirer limited purpose bank which is a party to a plan of proposed merger or consolidation under this chapter who objects to such plan shall be entitled to the rights and remedies of a dissenting shareholder as determined under Chapter 2 of Title 14, known as the “Georgia Business Corporation […]
§ 7-9-12. Limitations on Depositors and Deposit-Taking Activities; Deposit Insurance; Self-Acquiring Activities Not Permitted
A merchant acquirer limited purpose bank shall only accept deposits from a corporation that owns a majority of the shares of the merchant acquirer limited purpose bank. A merchant acquirer limited purpose bank shall not operate in any manner that attracts depositors from the general public, and no deposit shall be withdrawn by the depositor […]
§ 7-9-12.1. Treatment of Merchant Funds
All merchant funds shall constitute a trust fund until paid to the individual merchant. A merchant acquirer limited purpose bank shall have a fiduciary duty to preserve and account for merchant funds, and merchant acquirer limited purpose banks shall be liable for merchant funds. All merchant funds shall be deposited immediately by the merchant acquirer […]
§ 7-9-6. Information to Be Included on Charter Application
An application to the department to charter a merchant acquirer limited purpose bank shall include: Any information desired by the department in order to evaluate the proposed institution which shall be made available in the form specified by the department; A certificate of the Secretary of State showing that the proposed name of the merchant […]
§ 7-9-13. Enforcement by Department; Rules and Regulations
All merchant acquirer limited purpose banks chartered by the department shall be subject to supervision, regulation, and examination by the department, including, but not limited to, the examination powers as provided in Code Sections 7-1-64 through 7-1-73, and the department shall have all enforcement powers provided in this title. In the event any chartered merchant […]
§ 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 […]