Georgia Statutes
§ 7-1-461 — Distribution upon reduction of capital stock or paid-in capital
Georgia·Title 7
(a)Upon the decrease of capital stock of a bank or trust company pursuant to amendment of its articles as provided in this chapter, the board of directors, subject to restrictions of the articles, may distribute to the shareholders of the bank or trust company an amount in cash equal to all or part of the amount of the decrease in capital stock, if immediately after such distribution the bank or trust company would have the capital stock required by this chapter.
(b)Any portion of the amount of a decrease in capital stock which is not distributed to shareholders in accordance with this Code section shall be transferred to paid-in capital.
(c)A bank or trust company, by resolution of its board of directors, may distribute to its shareholders amounts representing a reduction in its paid-i
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Georgia § 7-1-461 (Distribution upon reduction of capital stock or paid-in capital) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by 2019 Ga. Laws 270,§ 14, eff. 7/1/2019.
Nearby Sections
15
§ 7-1-1
Short title§ 7-1-10
Rules of construction§ 7-1-1000
Definitions§ 7-1-1001-1
Requirement for mortgage loan originator license; application to sellers of mobile homes§ 7-1-1002
Prohibited transactions; liability§ 7-1-1003
Applications for licenses§ 7-1-1003-1
[Repealed] Physical place of business§ 7-1-1003-3
[Reserved] Application for registration§ 7-1-1003-4
[Reserved] Notification statement