Georgia § 20-2-505 - 1. Board transacting business with bank or similar institution in which member has interest.
Full text of Georgia Official Code of Georgia Annotated § 20-2-505 — 1. Board transacting business with bank or similar institution in which member has interest., with citation guidance and answers to common questions.
§ 20-2-505. 1. Board transacting business with bank or similar institution in which member has interest.
A local board of education having any member thereof who is an employee, stockholder, director, or officer of a bank or similar financial institution shall nevertheless be authorized to transact business with such bank or financial institution without the board or member thereby incurring any criminal liability therefor, as long as such member owns less than 30 percent of the stock or other ownership interest in such bank or financial institution. (Code 1981, § 20-2-505.1 , enacted by Ga. L. 1993, p. 1687, § 1.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 20-2-505
What does Official Code of Georgia Annotated § 20-2-505 cover?
Section 20-2-505 ("1. Board transacting business with bank or similar institution in which member has interest.") 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 § 20-2-505?
A common citation format is "Official Code of Georgia Annotated § 20-2-505" (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 § 20-2-505 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.