Merger, Consolidation, or Share Exchange of Nonbank Corporations Into National Banks

1. Law
2. Georgia Code
3. Banking and Finance
4. Financial Institutions
5. Banks and Trust Companies
6. Conversions, Mergers, and Consolidations Involving National Banks
7. Merger, Consolidation, or Share Exchange of Nonbank Corporations Into National Banks

A national bank located in this state may merge or consolidate with, or enter into a share exchange with, a corporation other than a bank or trust company, provided that:

1. Such merger, share exchange, or consolidation is permitted by the laws of the United States and such laws are complied with;
2. The laws governing the merger, share exchange, or consolidation of such corporation are complied with;
3. The resulting institution of the merger or consolidation, or the acquired bank in a share exchange, is a national bank;
4. The resulting institution of the merger or consolidation, or the acquired bank in a share exchange, holds only assets and liabilities and engages only in activities which may be held or engaged in by a national bank located in this state; and
5. The merger, share exchange, or consolidation is not otherwise unlawful.

(Code 1933, § 41A-2508, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2007, p. 502, § 12/SB 70.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 191 et seq., 234.

PART 16 SALE AND OTHER DISPOSITION OF ASSETS

RESEARCH REFERENCES

ALR.

- Character as holder in due course of bank which takes over assets and assumes liabilities of another bank, 76 A.L.R. 1329.

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