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Can you summarize GACO 7-1-605?
Bank Branches, Offices, Facilities, and Holding Companies > Bank holding companies Definitions; when company deemed to control shares.
Short Summary
This legal document, known as the Georgia Bank Holding Company Act, governs bank holding companies. It defines a bank holding company as any company that has control over a bank or over any company that becomes a bank holding company. Control is determined by various factors such as ownership or control of voting securities, control over the election of directors or trustees, and exercising a controlling influence over the management or policies of the bank or company. The document also provides exemptions for banks and companies owning or controlling voting shares in a fiduciary capacity, as well as shares acquired in securing or collecting a debt. It is important to note that any successor to a bank holding company is also deemed to be a bank holding company. The document further defines terms such as ‘bank’ and ‘company’ and includes provisions regarding subsidiaries and successors. No specific penalties are mentioned in this document.
Whom does it apply to?
Companies that have control over any bank or over any company that is or becomes a bank holding company
What does it govern?
Bank holding companies
What are exemptions?
Bank and companies owning or controlling voting shares of a bank in a fiduciary capacity, and companies owning or controlling shares acquired in securing or collecting a debt previously contracted in good faith until two years after the date of acquisition
What are the Penalties?
No specific penalties mentioned
Jurisdiction
Georgia