Georgia § 7-1-624 - Prohibited acquisitions.
Full text of Georgia Official Code of Georgia Annotated § 7-1-624 — Prohibited acquisitions., with citation guidance and answers to common questions.
§ 7-1-624. Prohibited acquisitions.
Except as expressly permitted under this part, Part 20 of this article, or by federal law, no bank holding company may acquire a bank or a bank holding company controlling a bank chartered by the department. In the event any bank holding company makes an acquisition that is prohibited by this part, the commissioner shall require such bank holding company to divest itself immediately of its direct or indirect ownership or control of any Georgia banks or banking offices located in Georgia. The commissioner shall also have the power to enforce any other prohibitions in this part by requiring divestitures of nonconforming banks, bank holding companies, or assets. Alternatively, the commissioner shall have the power to impose fines and penalties or exercise such other remedies as are provided in this chapter, including, but not limited to, judicial actions. (Code 1981, § 7-1-623 , enacted by Ga. L. 1984, p. 1467, § 1; Ga. L. 1985, p. 149, § 7; Ga. L. 1994, p. 215, § 4; Code 1981, § 7-1-624 , as redesignated by Ga. L. 1996, p. 279, § 1; Ga. L. 1997, p. 143, § 7; Ga. L. 2016, p. 390, § 2-20/HB 811.) Editor's notes. - Ga. L. 1996, p. 279, § 1, effective April 1, 1996, redesignated former Code Section 7-1-624 as present Code Section 7-1-625.
Frequently Asked Questions About Georgia § 7-1-624
What does Official Code of Georgia Annotated § 7-1-624 cover?
Section 7-1-624 ("Prohibited acquisitions.") 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 § 7-1-624?
A common citation format is "Official Code of Georgia Annotated § 7-1-624" (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 § 7-1-624 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.