Georgia § 7-1-1125 Approval for closure; requirements

Georgia Statutes

§ 7-1-1125 — Approval for closure; requirements

(a)A foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency may not close the Georgia state branch or Georgia state agency without filing an application with, and obtaining the prior approval of, the department. An application by a foreign bank under this Code section shall be in such form and include such information as the department requires.

(b)The commissioner shall approve such application if the department finds that the closing of the Georgia state branch or Georgia state agency will not be substantially detrimental to the foreign bank's depositors and creditors in this state. An application may be approved subject to conditions imposed by the department for the continued protection of the foreign bank's depositors and creditors in this sta

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(a) A foreign bank licensed to establish and maintain a Georgia state branch or Georgia state agency may not close the Georgia state branch or Georgia state agency without filing an application with, and obtaining the prior approval of, the department. An application by a foreign bank under this Code section shall be in such form and include such information as the department requires. (b) The commissioner shall approve such application if the department finds that the closing of the Georgia state branch or Georgia state agency will not be substantially detrimental to the foreign bank's depositors and creditors in this state. An application may be approved subject to conditions imposed by the department for the continued protection of the foreign bank's depositors and creditors in this state, including a condition that the foreign bank pledge assets in the manner specified by Code Section 7-1-1123 or maintain assets as contemplated by Code Section 7-1-1124 for a specified period of time. (c) When an application by a foreign bank under this Code section has been approved and all conditions precedent to the closing have been fulfilled, the foreign bank shall deliver to the department: (1) All existing copies of examination reports or other property of the department; (2) A statement under oath by an authorized officer, manager, or agent of the foreign bank that all deposit and other liabilities of the Georgia state branch or Georgia state agency to depositors and creditors in this state have been properly discharged by payment or pledge or otherwise assumed or retained by a financial institution; (3) An appropriate board resolution closing the Georgia state branch or Georgia state agency; and (4) A statement of the location where the Georgia state branch or Georgia state agency records will be kept after the closing. Upon receipt of adequate documentation, the department shall provide written authorization that the foreign bank may close the Georgia state branch or Georgia state agency.

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