Georgia § 7-1-953 - Deposit of corporate funds.
Full text of Georgia Official Code of Georgia Annotated § 7-1-953 — Deposit of corporate funds., with citation guidance and answers to common questions.
§ 7-1-953. Deposit of corporate funds.
The corporation shall not deposit any of its funds in any bank or other financial institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. The corporation shall not receive money on deposit. (Code 1981, § 7-1-953 , enacted by Ga. L. 1988, p. 804, § 1.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-1-953
What does Official Code of Georgia Annotated § 7-1-953 cover?
Section 7-1-953 ("Deposit of corporate funds.") 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 § 7-1-953?
A common citation format is "Official Code of Georgia Annotated § 7-1-953" (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 § 7-1-953 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.