§ 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 […]
§ 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: […]