Georgia § 7-1-570 - Secured transactions and other dispositions of assets not requiring shareholder approval.
Full text of Georgia Official Code of Georgia Annotated § 7-1-570 — Secured transactions and other dispositions of assets not requiring shareholder approval., with citation guidance and answers to common questions.
§ 7-1-570. Secured transactions and other dispositions of assets not requiring shareholder approval.
Unless the articles or bylaws otherwise provide, the board of directors may authorize any of the following transactions without any vote or consent of the shareholders: Any mortgage or pledge of, or creation of a security interest in, or conveyance of title to, all or any part of the property and assets of the bank or trust company of any description, or any interest therein, for the purpose of securing the payment or performance of any contract, note, bond, or other obligation of the bank or trust company; or Any sale, lease, exchange, or other disposition of less than substantially all the property and assets of the bank or trust company. Any transaction made as permitted by this Code section without any vote or consent of the shareholders may be upon such terms and conditions and for such consideration as the board may deem to be in the best interests of the bank or trust company. (Code 1933, § 41A-2601, enacted by Ga. L. 1974, p. 705, § 1.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-1-570
What does Official Code of Georgia Annotated § 7-1-570 cover?
Section 7-1-570 ("Secured transactions and other dispositions of assets not requiring shareholder approval.") 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 § 7-1-570?
A common citation format is "Official Code of Georgia Annotated § 7-1-570" (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 § 7-1-570 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.