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Can you summarize GACO 7-1-606?
Bank Branches, Offices, Facilities, and Holding Companies > Bank holding companies Actions unlawful without prior approval of commissioner; exceptions.
Short Summary
This legal document governs actions related to bank holding companies in Georgia. It prohibits certain actions, such as becoming a bank holding company, causing a bank to become a subsidiary of a bank holding company, acquiring ownership or control of voting shares of a bank, acquiring assets of a bank, merging or consolidating with other bank holding companies, and taking actions in violation of the federal Bank Holding Company Act of 1956. There are exemptions for shares acquired by a bank in a fiduciary capacity or in the regular course of securing or collecting a debt, additional shares acquired by a bank holding company in a bank it already owns a majority of voting shares in, acquisition of a Georgia bank holding company by a national bank holding company, and transactions with streamlined or alternative procedures established by the department. No penalties are mentioned in this document.
Whom does it apply to?
Companies seeking to become bank holding companies, banks seeking to become subsidiaries of bank holding companies, bank holding companies seeking to acquire ownership or control of voting shares of banks, bank holding companies seeking to acquire assets of banks, bank holding companies seeking to merge or consolidate with other bank holding companies, bank holding companies seeking to take actions in violation of the federal Bank Holding Company Act of 1956
What does it govern?
Bank holding companies
What are exemptions?
Shares acquired by a bank in good faith in a fiduciary capacity or in the regular course of securing or collecting a debt previously contracted in good faith, additional shares acquired by a bank holding company in a bank in which it already owns a majority of voting shares, acquisition of a Georgia bank holding company by a bank holding company of a national bank with its main office in Georgia, transactions for which the department has established a streamlined or alternative procedure
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Georgia