Georgia § 7-1-550 National bank or federal savings bank to state bank or trust company conversions

Georgia Statutes

§ 7-1-550 — National bank or federal savings bank to state bank or trust company conversions

Georgia § 7-1-550

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This text of Georgia § 7-1-550 (National bank or federal savings bank to state bank or trust company conversions) 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. § 7-1-550 (2026).

Text

(a)Subject to this part and any applicable branching law or regulation, a national bank may convert to a bank or trust company upon:

(1)Compliance with the applicable laws of the United States, including any provisions thereof relating to approval of said conversion by the shareholders and directors of the national bank and to dissenting rights of shareholders in such national bank, and compliance with any other requirements prescribed by the department to protect the shareholders or members or the safety and soundness of the institution;

(2)Reserved;

(3)Approval of the conversion by the department as provided in this part; and (4) Issuance of the appropriate certificate by the Secretary of State as provided in this part.

(b)Reserved.

(c)A federal savings bank may apply to the depart

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(a) Subject to this part and any applicable branching law or regulation, a national bank may convert to a bank or trust company upon: (1) Compliance with the applicable laws of the United States, including any provisions thereof relating to approval of said conversion by the shareholders and directors of the national bank and to dissenting rights of shareholders in such national bank, and compliance with any other requirements prescribed by the department to protect the shareholders or members or the safety and soundness of the institution; (2) Reserved; (3) Approval of the conversion by the department as provided in this part; and (4) Issuance of the appropriate certificate by the Secretary of State as provided in this part. (b) Reserved. (c) A federal savings bank may apply to the department to convert to a state charter. The provisions of Code Section 7-1-293 shall apply to the resulting bank, and the conversion procedure shall be the same as for national bank conversions.