Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-6 - HOLDING COMPANIES
Subject 80-6-1 - APPLICATIONS AND ACQUISTIONS
Rule 80-6-1-.09 - Non-Banking Acquisitions
Current through Rules and Regulations filed through March 20, 2024
(1) Whenever a Georgia bank holding company or a holding company owning a Georgia bank plans to engage in, or to acquire shares of stock in a company to be or which is currently engaged in, non-banking activities, the Department shall be notified of such intention contemporaneously with the filing of any application with the Federal Reserve System for approval to engage in such activities or acquire such shares. In the event such approval is not required, the Department shall be notified of such intention within ten (10) days after the Board of Directors of the holding company authorizes such specific activities or acquisition or, alternatively, contemporaneously with any notice of engagement in such activities or acquisitions is filed with the Federal Reserve.
(2) Notice to the Department required pursuant to Section (1) of this Rule shall be in letter form and, insofar as is known at the time, shall state the following:
(3) In the event an application or notice to the Federal Reserve is required, a bank holding company may provide only a copy of that application or notice to the Department in lieu of the information required in Paragraph 2.
O.C.G.A. § 7-1-61.