Property Held to Avoid Loss

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Banks and Trust Companies
  6. General Powers of Banks and Trust Companies
  7. Property Held to Avoid Loss

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A bank or trust company may acquire and hold property for the purpose of avoiding loss as specified in paragraph (8) of Code Section 7-1-261, subject to:

  1. A determination by a majority vote of its directors at least once each year as to the advisability of retaining any such property, provided that no such property may be held for more than five years without the prior written approval of the department; and
  2. Disposition within a period of six months after the date of acquisition or such longer period as the department may approve in writing of shares of its own stock so acquired and of shares of stock of any bank, bank holding company, or trust company held after such acquisition.

(Ga. L. 1898, p. 78, § 3; Civil Code 1910, § 2817; Ga. L. 1917, p. 56, § 1; Ga. L. 1919, p. 135, art. 19, §§ 22-24; Ga. L. 1920, p. 76, § 1; Ga. L. 1924, p. 76, § 1; Ga. L. 1927, p. 195, § 10; Code 1933, §§ 13-2022, 13-2023, 13-2024, 109-201; Ga. L. 1946, p. 65, § 1; Ga. L. 1947, p. 501, § 1; Ga. L. 1950, p. 18, § 1; Ga. L. 1951, p. 284, § 1; Ga. L. 1957, p. 275, § 1; Ga. L. 1958, p. 133, § 1; Ga. L. 1959, p. 238, § 1; Ga. L. 1962, p. 95, § 1; Ga. L. 1963, p. 512, § 1; Ga. L. 1965, p. 523, § 1; Ga. L. 1966, p. 590, § 8; Ga. L. 1968, p. 1162, § 1; Ga. L. 1969, p. 976, § 1; Ga. L. 1972, p. 1242, § 1; Code 1933, § 41A-1204, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1366, § 6.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, § 600 et seq.

C.J.S.

- 9 C.J.S., Banks and Banking, § 239.

ALR.

- Liability of bank for loss of liberty bonds and war savings stamps, 40 A.L.R. 899.

PART 3 POWERS OF BANKS

RESEARCH REFERENCES

ALR.

- Powers of bank president or vice president, 1 A.L.R. 693; 67 A.L.R. 970.

Duty of bank when several checks which, in the aggregate, exceed the depositor's balance, are presented at the same time, 26 A.L.R. 1486.

Power of banking corporation to loan money for others, 33 A.L.R. 597.

Rights of owners of securities deposited in bank, upon its insolvency, 51 A.L.R. 914; 84 A.L.R. 1534; 126 A.L.R. 625.

Right of savings bank to liquidate voluntarily and close business, 69 A.L.R. 1255.

Statute regulating banks and trust companies as special or class legislation, or as denying the equal protection of the laws, 111 A.L.R. 140.

Power of bank officer respecting security or collateral held by bank, 11 A.L.R.2d 1305.


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