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Can you summarize GACO 7-1-591?
Representative Offices and Registration > Establishment of representative office by bank or bank holding company domiciled in state; out-of-state activities.
Short Summary
This legal document governs the establishment of representative offices by banks or bank holding companies domiciled in the state. It states that a bank domiciled in the state or a subsidiary of such bank may establish a representative office anywhere in the state upon registering with the department. Similarly, a bank holding company domiciled in the state or a nonbank subsidiary of such bank holding company may establish a representative office anywhere in the state upon registering with the department. The document also allows Georgia chartered banks to conduct authorized activities at representative offices located outside Georgia, subject to any limitations or restrictions of the host state. However, activities that are expressly prohibited by the laws of the state or by any regulation or order of the commissioner applicable to the Georgia chartered bank require approval from the department. The commissioner has the authority to waive any prohibition or requirement for approval if it is determined that the involvement of out-of-state representative offices in particular activities would not threaten the safety or soundness of the bank.
Whom does it apply to?
Banks domiciled in the state, subsidiaries of such banks, bank holding companies domiciled in the state, nonbank subsidiaries of such bank holding companies
What does it govern?
Establishment of representative offices by banks or bank holding companies domiciled in the state
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Georgia