Ga. Comp. R. & Regs. R. 80-1-10-.05 - Organization of Real Estate Holding Subsidiaries
(1) With the prior approval of the Department
of Banking and Finance, any bank may invest in all of the outstanding capital
stock of a subsidiary corporation organized for the purpose of owning bank
premises which might be legally owned by such bank and such investment shall be
included as fixed assets in determining whether the bank's total investment in
fixed assets is within the limitations prescribed by law.
(2) Such real estate holding subsidiaries
shall not be permitted to own or otherwise invest its funds in Other Real
Estate, furniture and fixtures other than for its own use, securities, or any
other assets inconsistent with the purpose for which it was originally
organized.
(3) Such real estate
holding subsidiaries shall be subject to all of the limitations, prohibitions,
and requirements with respect to the purchase, ownership, and expansion of bank
premises that the bank would be subject to, except the limitation imposed on
fixed asset investment, but provided that the Department of Banking and Finance
may set such limitations on the total investment in fixed assets, the total
authorized borrowings, the total capitalization, and the annual rental charges
of the real estate holding subsidiary as it considers necessary to the sound
operation of the company.
(4) Banks
may invest in the stock of such corporations and such investments shall be
included in determining the bank's legal limitation on investment in fixed
assets.
(5) Such real estate
holding subsidiaries shall be subject to examination by the Commissioner of
Banking and Finance on the same basis as the parent corporation.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.