Georgia § 7-1-370 Deposits by financial institutions

Georgia Statutes

§ 7-1-370 — Deposits by financial institutions

Georgia § 7-1-370

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This text of Georgia § 7-1-370 (Deposits by financial institutions) 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.

Bluebook

O.C.G.A. § 7-1-370 (2026).

Text

(a)Subject to the restrictions of subsection (b) of this Code section and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is:

(1)Selected by, or in any manner authorized by, its directors;

(2)Authorized by law to receive deposits; and (3) In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved.

(b)If a director of the financial institution has a relationship to a depository as either:

(1)An officer or director; or (2) An owner of 5 percent or more of the shares of the depository, the depository shall be approved by a majority of the directors other than the director who has such relationship.

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(a) Subject to the restrictions of subsection (b) of this Code section and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is: (1) Selected by, or in any manner authorized by, its directors; (2) Authorized by law to receive deposits; and (3) In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved. (b) If a director of the financial institution has a relationship to a depository as either: (1) An officer or director; or (2) An owner of 5 percent or more of the shares of the depository, the depository shall be approved by a majority of the directors other than the director who has such relationship.