§ 7-9-11-8 — Rights and remedies of shareholders

(a) A shareholder of a merchant acquirer limited purpose bank which is a party to a plan of proposed merger or consolidation under this chapter who objects to such plan shall be entitled to the rights and remedies of a dissenting shareholder as determined under Chapter 2 of Title 14, known as the "Georgia Business Corporation Code" or under Article 10 of Chapter 11 of Title 14, as applicable. (b) A resulting merchant acquirer limited purpose bank into which other or others have been merged or consolidated may require the return of original certificates representing shares held by each shareholder in each or either of the merged or consolidated institutions, or in lieu thereof may: (1) Issue to each shareholder new certificates for such number of shares of the resulting acquirer limited purpose bank; or (2) Cause to be paid or delivered to each shareholder the amount of cash or securities of any other corporation or combination of cash and such securities as, under the plan of merger or consolidation, such shareholder is entitled to receive.

Legislative History

Amended by 2024 Ga. Laws 474,§ 1-42, eff. 7/1/2024. Added by 2016 Ga. Laws 450,§ 4-1, eff. 7/1/2016.