Georgia § 7-1-480 - Board of directors.
Full text of Georgia Official Code of Georgia Annotated § 7-1-480 — Board of directors., with citation guidance and answers to common questions.
§ 7-1-480. Board of directors.
Administration of the business and affairs of a bank or trust company shall be the responsibility of a board of directors. Seventy-five percent of the directors shall be citizens of the United States and at least a majority shall: Reside in Georgia; or Reside within 40 miles of any banking location authorized to offer a complete banking or trust service. The residency requirements of paragraphs (1) and (2) of subsection (b) of this Code section shall not apply to banks having branches in states other than Georgia, provided that the residency of directors is consistent with the bank's articles of incorporation and bylaws. The department may waive or modify the requirements of subsection (b) of this Code section relating to the residency requirements in the State of Georgia. Notwithstanding other provisions of this Code section, directors who were legally qualified to serve on April 1, 1975, may continue to serve for such time as they are continuously members of the board of directors of their bank or trust company. (Ga. L. 1898, p. 78, § 4; Civil Code 1910, § 2818; Ga. L. 1917, p. 62, § 1; Ga. L. 1919, p. 135, art. 19, §§ 1, 2; Ga. L. 1927, p. 195, § 8; Code 1933, §§ 13-2001, 13-2002, 109-103; Ga. L. 1943, p. 249, § 3; Ga. L. 1947, p. 476, § 1; Ga. L. 1947, p. 480, § 1; Ga. L. 1949, p. 378, § 1; Ga. L. 1959, p. 323, § 1; Ga. L. 1961, p. 196, § 1; Ga. L. 1966, p. 590, § 6; Ga. L. 1973, p. 811, § 1; Code 1933, § 41A-2201, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1986, p. 458, § 6; Ga. L. 1987, p. 1586, § 7; Ga. L. 1997, p. 485, § 15; Ga. L. 2000, p. 174, § 9; Ga. L. 2001, p. 970, § 4; Ga. L. 2020, p. 320, § 3/HB 781.) The 2020 amendment, effective January 1, 2021, inserted "that" in subsection (c) and substituted "relating to the residency requirements in the State of Georgia" for "with respect to special purpose banks organized pursuant to subsection (c) of Code Section 7-1-394" in subsection (d). Code Commission notes. - Pursuant to Code Section 28-9-5, in 2000, "bank's" was substituted for "banks" in subsection (c). Law reviews. - For article discussing limitations on the establishment and transaction of international banking in Georgia, see 27 Mercer L. Rev. 629 (1976). For article, "Business Associations," see 53 Mercer L. Rev. 109 (2001).
Frequently Asked Questions About Georgia § 7-1-480
What does Official Code of Georgia Annotated § 7-1-480 cover?
Section 7-1-480 ("Board of directors.") 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 § 7-1-480?
A common citation format is "Official Code of Georgia Annotated § 7-1-480" (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 § 7-1-480 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.