Georgia § 7-1-391 - Prohibition of promoters' fees.
Full text of Georgia Official Code of Georgia Annotated § 7-1-391 — Prohibition of promoters' fees., with citation guidance and answers to common questions.
§ 7-1-391. Prohibition of promoters' fees.
A bank or trust company shall not pay any fee, compensation, or commission for promotion in connection with its organization or apply any money received on account of shares or subscriptions, selling shares, or other services in connection with its organization, except legal fees, commissions or fees to disinterested third parties for sale of bank stock to others, and other usual and ordinary expenses necessary for its organization. A majority of incorporators shall file with the department at the time of filing of the articles an affidavit: Setting forth all expenses incurred or to be incurred in connection with the organization of the bank or trust company, subscription for its shares, and sale of its shares; and Stating that no fee, compensation, or commission prohibited by subsection (a) of this Code section has been paid or incurred. In the event of a violation of this Code section the department may disapprove the articles on account of such violation. (Code 1933, § 41A-1802, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1999, p. 674, § 7.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-1-391
What does Official Code of Georgia Annotated § 7-1-391 cover?
Section 7-1-391 ("Prohibition of promoters' fees.") 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 § 7-1-391?
A common citation format is "Official Code of Georgia Annotated § 7-1-391" (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 § 7-1-391 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.