Georgia § 7-1-463 - Preferred share acquisition.
Full text of Georgia Official Code of Georgia Annotated § 7-1-463 — Preferred share acquisition., with citation guidance and answers to common questions.
§ 7-1-463. Preferred share acquisition.
Unless otherwise provided in its articles, a bank or trust company, by resolution of its board of directors and with the prior approval of the department, may redeem or otherwise acquire preferred shares. In determining whether or not to give its approval under this subsection, the department shall give primary consideration to the question of whether or not, after the cancellation of the preferred shares, the capital accounts of the bank or trust company would be adequate to support its anticipated deposit or trust business. Preferred shares which are redeemed or otherwise acquired shall be canceled and shall not be reissued without prior approval of the department. (Code 1933, § 41A-2104, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2019, p. 828, § 15/HB 185.) The 2019 amendment, effective July 1, 2019, deleted ", if immediately after the redemption or other acquisition the bank or trust company would have the paid-in capital and appropriated retained earnings required by Code Section 7-1-411" following "shares" at the end of the first sentence of subsection (a).
Frequently Asked Questions About Georgia § 7-1-463
What does Official Code of Georgia Annotated § 7-1-463 cover?
Section 7-1-463 ("Preferred share acquisition.") 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 § 7-1-463?
A common citation format is "Official Code of Georgia Annotated § 7-1-463" (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 § 7-1-463 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.