§ 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purpose bank shall not operate in any manner that attracts depositors from the general public, and no deposit shall be withdrawn by the depositor […]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 […]
§ 7-9-1. 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, […]
§ 7-9-3. Chartering of Merchant Acquirer Limited Purpose Banks; Regulation Limited
A corporation that performs merchant acquiring activities or settlement activities in this state may elect to obtain a charter from the department. Those corporations chartered by the department shall be subject to the provisions of this chapter and any rules and regulations adopted by the department for purposes of regulating chartered merchant acquirer limited purpose […]