§ 7-1-480 — Board of directors

Georgia § 7-1-480

• Jurisdiction: Georgia
• Title: 7

Text

(a) Administration of the business and affairs of a bank or trust company shall be the responsibility of a board of directors. (b) Seventy-five percent of the directors shall be citizens of the United States and at least a majority shall: (1) Reside in Georgia; or (2) Reside within 40 miles of any banking location authorized to offer a complete banking or trust service. (c) The residency requirements of paragraphs (1) and (2) of subsection (b) of this Code section shall not apply to banks having branches in states other than Georgia, provided that the residency of directors is consistent with the bank's articles of incorporation and bylaws. (d) The department may waive or modify the requirements of subsection (b) of this Code section relating to the residency requirements in the State of Georgia. (e) Notwithstanding other provisions of this Code section, directors who were legally qualified to serve on April 1, 1975, may continue to serve for such time as they are continuously members of the board of directors of their bank or trust company.

Legislative History

Amended by 2020 Ga. Laws 492,§ 3, eff. 1/1/2021. Amended by 2001 Ga. Laws 299, § 4, eff. 7/1/2001.