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Can you summarize GACO 7-1-570?
Sale and Other Disposition of Assets > Secured transactions and other dispositions of assets not requiring shareholder approval.
Short Summary
This legal document, as per the Georgia Code, authorizes the board of directors of banks and trust companies to undertake certain transactions without the need for shareholder approval. These transactions include mortgages, pledges, security interests, conveyance of title, and dispositions of property and assets for securing payment or performance of contracts, notes, bonds, or other obligations. Additionally, the board may also authorize the sale, lease, exchange, or other disposition of less than substantially all the property and assets. The terms and conditions, as well as the consideration for these transactions, are determined by the board in the best interests of the bank or trust company. The document does not specify any penalties for non-compliance or violation. The relevant legal references for further research are C.J.S. 18A C.J.S., Corporations, 296 et seq.
Whom does it apply to?
Banks and trust companies
What does it govern?
Secured transactions and other dispositions of assets not requiring shareholder approval
What are exemptions?
The articles or bylaws may provide exceptions
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Georgia