Georgia § 7-1-391 Prohibition of promoters' fees

Georgia Statutes

§ 7-1-391 — Prohibition of promoters' fees

Georgia § 7-1-391

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Bluebook

O.C.G.A. § 7-1-391 (2026).

Text

(a)A bank or trust company shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization, except legal fees, commissions or fees to disinterested third parties for sale of bank stock to others, and other usual and ordinary expenses necessary for its organization.

(b)In the event of a violation of this Code section the department may disapprove the articles on account of such violation.

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(a) A bank or trust company shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization, except legal fees, commissions or fees to disinterested third parties for sale of bank stock to others, and other usual and ordinary expenses necessary for its organization. (b) In the event of a violation of this Code section the department may disapprove the articles on account of such violation.