Georgia § 7-1-240 - Powers and restrictions applicable when acting as bank and trust company.
Full text of Georgia Official Code of Georgia Annotated § 7-1-240 — Powers and restrictions applicable when acting as bank and trust company., with citation guidance and answers to common questions.
§ 7-1-240. Powers and restrictions applicable when acting as bank and trust company.
Any financial institution authorized by law to act as both a bank and a trust company shall enjoy and be subject to the powers and restrictions of a bank of its type in regard to its banking activities and in like manner shall enjoy and be subject to the powers and restrictions of a trust company in regard to its trust activity. With respect to general corporate matters not identified with either banking or trust functions, it shall have the privileges and restrictions of a bank of its type. (Code 1933, § 41A-1101, enacted by Ga. L. 1974, p. 705, § 1.) Law reviews. - For article, "An Argument Evaluating Price Controls on Bank Credit Cards in Light of Certain Reemerging Common Law Doctrines," see 9 Ga. St. U.L. Rev. 797 (1993). For article, "An Economic Perspective on Interest Rate Limitations," see 9 Ga. St. U.L. Rev. 821 (1993). For article, "Regulating Bank Reputation Risk," see 54 Ga. L. Rev. 523 (2020).
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-1-240
What does Official Code of Georgia Annotated § 7-1-240 cover?
Section 7-1-240 ("Powers and restrictions applicable when acting as bank and trust company.") 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 § 7-1-240?
A common citation format is "Official Code of Georgia Annotated § 7-1-240" (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 § 7-1-240 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
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.