(a) Administration of the business and affairs of a bank or trust company shall be
the responsibility of a board of directors.
(b) Seventy-five percent of the directors shall be citizens of the United States and
at least a majority shall:
(1) Reside in Georgia; or
(2) Reside within 40 miles of any banking location authorized to offer a complete
banking or trust service.
(c) The residency requirements of paragraphs (1) and (2) of subsection (b) of this
Code section shall not apply to banks having branches in states other than Georgia,
provided that the residency of directors is consistent with the bank's articles of
incorporation and bylaws.
(d) The department may waive or modify the requirements of subsection (b) of this
Code section relating to the residency requirements in the State of Georgia.
(e) Notwithstanding other provisions of this Code section, directors who were legally
qualified to serve on April 1, 1975, may continue to serve for such time as they are
continuously members of the board of directors of their bank or trust company.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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