Georgia § 7-9-5 - 3. Merchant acquirer limited purpose bank.
Full text of Georgia Official Code of Georgia Annotated § 7-9-5 — 3. Merchant acquirer limited purpose bank., with citation guidance and answers to common questions.
§ 7-9-5. 3. Merchant acquirer limited purpose bank.
A merchant acquirer limited purpose bank shall maintain a chief executive officer, chief information officer, chief risk officer, and such other officers the department may require by rule or regulation. A person may hold more than one office; provided, however, that no person shall serve as both chief executive officer and chief risk officer. Except as otherwise provided for in the articles or bylaws, the board of directors shall elect officers, fix their compensation, and fill vacancies. An officer elected or appointed by the board may be removed without prejudice to any contract right of such officer upon determination by the board that such removal is in the best interests of the merchant acquirer limited purpose bank. The merchant acquirer limited purpose bank shall immediately notify the department in writing upon a change in the position of chief executive officer or president. Officers of a merchant acquirer limited purpose bank shall have such authority and perform such duties as provided for in the bylaws adopted by the board. A merchant acquirer limited purpose bank may employ such agents or employees as necessary for the prompt and orderly discharge of its business. (Code 1981, § 7-9-5.3 , enacted by Ga. L. 2016, p. 390, § 4-1/HB 811.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 7-9-5
What does Official Code of Georgia Annotated § 7-9-5 cover?
Section 7-9-5 ("3. Merchant acquirer limited purpose bank.") 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 § 7-9-5?
A common citation format is "Official Code of Georgia Annotated § 7-9-5" (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 § 7-9-5 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.