§ 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 […]
§ 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 […]
§ 7-9-5.4. Oath of Office; Administration of Affairs
Prior to assuming office, each director shall take an oath or affirmation that he or she will diligently and honestly perform his or her duties in the administration of the affairs of the merchant acquirer limited purpose bank; he or she will not permit a willful violation of law by the merchant acquirer limited purpose […]
§ 7-9-1. Short Title
This chapter shall be known and may be cited as the “Georgia Merchant Acquirer Limited Purpose Bank Act.” History. Code 1981, § 7-9-1 , enacted by Ga. L. 2012, p. 43, § 1/HB 898. Law reviews. For annual survey on business corporations, see 64 Mercer L. Rev. 61 (2012).
§ 7-9-2. Definitions
As used in this chapter, the term: “Commissioner” means the commissioner of banking and finance. (1.1) “Control person” means any individual who directs the affairs or controls or establishes policy for a merchant acquirer limited purpose bank. “Corporation” means a corporation organized under the laws of this state, the United States, or any other state, […]