Ga. Comp. R. & Regs. R. 80-1-13-.03 - Approval of Board of Directors

No correspondent Funds may be placed (sold) with another financial institution in excess of fifteen (15) percent of the placing (selling) financial institution's statutory capital base without the prior approval of the recipient by the Board of Directors, or a committee thereof, of the placing or selling institution; provided however, the selection of a financial institution by the Board of Directors pursuant to the provisions of Section 7-1-370 to be a depository of a bank's funds shall constitute approval of that institution as the recipient of placed (sold) Correspondent Funds.

Notes

Ga. Comp. R. & Regs. R. 80-1-13-.03

Ga. L. 1974, pp. 705, 733, 793; Ga. L. 1981, H.B. 822; Ga. L. 1983, Act No . 255, effective March 16, 1983.

Original Rule entitled "Approval of Board of Directors" was filed on July 13, 1981; effective August 2, 1981. Amended: Filed August 17, 1983; effective September 6, 1983.