This text of Georgia § 7-1-1117 (Acting as a fiduciary) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(a)Except as provided in paragraph (10) of subsection (c) of Code Section 7-1-1116 , a foreign bank may not act as a fiduciary at a Georgia state branch or Georgia state agency except by obtaining approval from the department as provided in this Code section. No Georgia state branch or Georgia state agency shall exercise the powers and privileges of a fiduciary without submitting an application to do so in a manner and form prescribed by the department. At a minimum, the application shall describe in detail:
(1)The proposed fiduciary activities;
(2)The names and relevant expertise of its officers and employees who will conduct the fiduciary activities; and (3) The manner in which the fiduciary activities will be captured in the books and records of the Georgia state branch or Georgia st
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(a) Except as provided in paragraph (10) of subsection (c) of Code Section 7-1-1116 , a foreign bank may not act as a fiduciary at a Georgia state branch or Georgia state agency except by obtaining approval from the department as provided in this Code section. No Georgia state branch or Georgia state agency shall exercise the powers and privileges of a fiduciary without submitting an application to do so in a manner and form prescribed by the department. At a minimum, the application shall describe in detail: (1) The proposed fiduciary activities; (2) The names and relevant expertise of its officers and employees who will conduct the fiduciary activities; and (3) The manner in which the fiduciary activities will be captured in the books and records of the Georgia state branch or Georgia state agency with due regard for separation of beneficial and legal interests. The department shall evaluate the application in the same manner as for a license as provided in Code Section 7-1-1113 . (b) The department may approve a foreign bank applicant to engage in fiduciary activities if the commissioner finds that the foreign bank will exercise its fiduciary powers in accordance with the laws of this state and has sufficient fiduciary and accounting expertise and controls to protect beneficial interests under its control. The department may include conditions and limitations in any approval of fiduciary powers. If the approval is conditioned on a written commitment from the applicant offered to and accepted by the commissioner, the commitment is enforceable against the applicant. If the department, in its discretion, disapproves the proposed use of fiduciary powers, it shall notify the foreign bank of its disapproval and state generally the unfavorable factors influencing its decision. The decision of the department shall be conclusive, except that it may be subject to judicial review as provided in Code Section 7-1-90 . (c) Notwithstanding the limitations in Article 15 of Chapter 12 of Title 53, a foreign bank that obtains the approval of the department under this Code section may engage in fiduciary activities at its Georgia state branch or Georgia state agency to the same extent and in the same manner as a Georgia state bank could do so at the same location, subject to any conditions or limitations applicable to the approval. (d) The department may initiate an enforcement action or may order a foreign bank to cease engaging in fiduciary activities in this state in the same manner as a cease and desist order under Code Section 7-1-1108 if the department finds in writing that: (1) Conditions exist related to the fiduciary activities of the foreign bank in this state which would authorize the department to revoke its license pursuant to Code Section 7-1-1126 ; or (2) A fact or condition exists which, if it had existed at the time of the foreign bank's original application to engage in fiduciary activities, would have resulted in the department disapproving the foreign bank to engage in fiduciary activities.