Georgia § 7-1-492 - Prohibitions applicable to directors, officers, and employees.
Full text of Georgia Official Code of Georgia Annotated § 7-1-492 — Prohibitions applicable to directors, officers, and employees., with citation guidance and answers to common questions.
§ 7-1-492. Prohibitions applicable to directors, officers, and employees.
No director, officer, or employee of a bank or trust company shall: Receive anything of value for procuring or attempting to procure any loan from or investment by the bank or trust company; Purchase, or directly or indirectly be interested in purchasing, from the bank or trust company for less than its face value any promissory note or other evidence of indebtedness issued by the bank or trust company; Purchase or sell any other asset to the bank or trust company except: Upon terms not less favorable to the bank or trust company than those offered to other persons or corporations; and With the prior approval of the board of directors or a committee thereof authorized to act for the board, unless the transaction is made in the regular course of business. No director shall be eligible to vote concerning any purchase or sale where he is or would be a party to the transaction. It shall be unlawful for any bank or trust company to lend to any officer, director, or employee any funds held in trust under powers granted in this chapter. (Code 1933, § 41A-2213, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1996, p. 848, § 7.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-1-492
What does Official Code of Georgia Annotated § 7-1-492 cover?
Section 7-1-492 ("Prohibitions applicable to directors, officers, and employees.") 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 § 7-1-492?
A common citation format is "Official Code of Georgia Annotated § 7-1-492" (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 § 7-1-492 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.