Georgia § 7-1-370 - Deposits by financial institutions.
Full text of Georgia Official Code of Georgia Annotated § 7-1-370 — Deposits by financial institutions., with citation guidance and answers to common questions.
§ 7-1-370. Deposits by financial institutions.
Subject to the restrictions of subsection (b) of this Code section and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is: Selected by, or in any manner authorized by, its directors; Authorized by law to receive deposits; and In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved. If a director of the financial institution has a relationship to a depository as either: An officer or director; or An owner of 5 percent or more of the shares of the depository, the depository shall be approved by a majority of the directors other than the director who has such relationship. (Code 1933, § 41A-1701, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1366, § 10; Ga. L. 1997, p. 485, § 14; Ga. L. 2016, p. 390, § 2-4/HB 811.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-1-370
What does Official Code of Georgia Annotated § 7-1-370 cover?
Section 7-1-370 ("Deposits by financial institutions.") 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 § 7-1-370?
A common citation format is "Official Code of Georgia Annotated § 7-1-370" (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 § 7-1-370 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.