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GA HB945

Bill

Official Source

Status

Passed

5/1/2012

Primary Sponsor

Dee Dawkins-Haigler

Click for details

Origin

House of Representatives

2011-2012 Regular Session

AI Summary

  • Banks and trust companies in Georgia may issue shares for non-cash consideration if approved by the Department of Banking and Finance upon demonstration of good cause, removing the previous requirement that shares be issued only for cash
  • Previously, shares could only be issued for cash equal to at least the aggregate par value; the new provision creates a departmental approval exception to this requirement
  • Dividends may be declared and paid from sources other than retained earnings if approved in advance by the Department of Banking and Finance on terms consistent with safety and soundness standards
  • Amends Article 2 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated (Code Sections 7-1-415 and 7-1-460)
  • Passed both the Georgia House and Senate; sponsored by Representatives Teasley, Morris, Williamson, Dutton, Dawkins-Haigler, and others

Legislative Description

Banks and trust companies; issuance of non-cash valued shares with approval; provide

Last Action

Effective Date

7/1/2012

Committee Referrals

Banking and Financial Institutions3/7/2012
Banks and Banking2/9/2012

Full Bill Text

No bill text available