Georgia § 7-1-232 - Notice of proposed acquisition required; approval or disapproval by department; judicial review.
Full text of Georgia Official Code of Georgia Annotated § 7-1-232 — Notice of proposed acquisition required; approval or disapproval by department; judicial review., with citation guidance and answers to common questions.
§ 7-1-232. Notice of proposed acquisition required; approval or disapproval by department; judicial review.
For purposes of this Code section, the term "financial institution" shall include any "bank holding company" as that term is defined in subsection (a) of Code Section 7-1-605. The department shall be given at least 60 days' prior written notice of any such proposed acquisition. If the department does not issue a notice disapproving the proposed acquisition within that time or extend the period during which a disapproval may issue for another 30 days, the proposed acquisition shall stand approved. The period for disapproval may be further extended only if the department determines that any acquiring party has not furnished all the information required under Code Section 7-1-233 or that in its judgment any material information submitted is substantially inaccurate. An acquisition may be made prior to expiration of the disapproval period if the department issues written notice of its intent not to disapprove the action. Within three days after its decision to disapprove any proposed acquisition, the department shall notify the acquiring party in writing of the disapproval. Such notice shall provide a statement of the basis for the disapproval. Within ten days of receipt of such notice of disapproval, the acquiring party may request a hearing on the proposed acquisition. At the conclusion thereof, the department shall by order approve or disapprove the proposed acquisition on the basis of the record made at such hearing. Any person whose proposed acquisition is disapproved after a department hearing under this Code section may obtain review in accordance with Code Section 7-1-90. (Code 1933, § 41A-1002, enacted by Ga. L. 1980, p. 1076, § 1.) Cross references. - Time for giving notice to department of change in control of bank or trust company resulting from change in ownership of or right to vote outstanding shares of the bank or trust company, § 7-1-236 .
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-1-232
What does Official Code of Georgia Annotated § 7-1-232 cover?
Section 7-1-232 ("Notice of proposed acquisition required; approval or disapproval by department; judicial review.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 7-1-232?
A common citation format is "Official Code of Georgia Annotated § 7-1-232" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 7-1-232 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
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