Georgia § 7-1-556 - State bank or trust company to national bank or federal savings institution conversions, mergers, or consolidations.
Full text of Georgia Official Code of Georgia Annotated § 7-1-556 — State bank or trust company to national bank or federal savings institution conversions, mergers, or consolidations., with citation guidance and answers to common questions.
§ 7-1-556. State bank or trust company to national bank or federal savings institution conversions, mergers, or consolidations.
A bank or trust company may convert into, or merge or consolidate with, a national bank or a federal savings institution upon: Authorization by and compliance with the laws of the United States; and Adoption of a plan of conversion, merger, or consolidation by the affirmative vote of at least: A majority of its directors; and The holders of two-thirds of each class of its shares at a meeting held upon not less than ten days' notice to all shareholders. A state bank or trust company which converts into or merges or consolidates with a national bank or a federal savings institution shall: Notify the department of the proposed conversion, merger, or consolidation; Provide such evidence of the adoption of the plan of conversion, merger, or consolidation as the department may request; Notify the department of any abandonment or disapproval of the plan; and File with the department and with the Secretary of State a certificate of the approval of the conversion, merger, or consolidation by the appropriate federal regulator. Conversion, merger, or consolidation of a state institution into a national banking association or a federal savings institution shall be effective upon completion of the requirements in subsection (b) of this Code section, and its articles as an institution existing under the laws of this state shall be automatically terminated. (Code 1933, §§ 13-1305, 13-1306, 13-1307, 13-1308, 13-1309, enacted by Ga. L. 1949, p. 536, § 1; Ga. L. 1953, Jan.-Feb. Sess., p. 67, § 1; Code 1933, § 41A-2507, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1999, p. 674, § 15.)
Frequently Asked Questions About Georgia § 7-1-556
What does Official Code of Georgia Annotated § 7-1-556 cover?
Section 7-1-556 ("State bank or trust company to national bank or federal savings institution conversions, mergers, or consolidations.") 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 § 7-1-556?
A common citation format is "Official Code of Georgia Annotated § 7-1-556" (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 § 7-1-556 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.