§ 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purpose bank shall not operate in any manner that attracts depositors from the general public, and no deposit shall be withdrawn by the depositor […]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 […]
§ 7-8-3. Date of Compliance; Provision of Adequate Lighting
Each operator of a remote service terminal installed on or after July 1, 1993, shall comply with the provisions of this chapter commencing on the date the remote service terminal is installed. Compliance with the provisions of this chapter by operators as to remote service terminals existing as of July 1, 1993, shall be optional […]
§ 7-8-4. Notices to Customers of Basic Safety Precautions
Customers receiving access devices shall be furnished by the respective issuers thereof with notices of basic safety precautions which customers should employ while using a remote service terminal. This information shall be furnished by personally delivering or mailing the information to each customer whose mailing address as to the account to which the access device […]
§ 7-8-5. Terminals to Which Chapter Not Applicable
The provisions of this chapter shall not apply to any remote service terminal which is located: Inside a building, unless it is a freestanding installation which exists for the sole purpose of providing an enclosure for the remote service terminal; Inside a building, except to the extent a transaction can be conducted from outside the […]