Ga. Comp. R. & Regs. R. 80-1-3-.01 - Minimum Requirements for Books and Records
(1) Each bank must maintain for each business
day a Daily Statement properly supported by a General Ledger showing daily
activity to each asset, liability, and capital account. A "business day" shall
be any day during which the main office of the bank shall be open for the
purpose of conducting both a paying and receiving and a lending business;
provided, however, a bank may defer business conducted on Saturday until the
next business day. There shall be no fewer than five "business days" in each
calendar week less any legal holidays actually observed during such week and
less any Saturday for which business is properly deferred. The following
subsidiary ledgers must be maintained and must be balanced to the controlling
amount in the General Ledger at least monthly:
(a) Investment Register - containing a record
of all stocks, bonds, certificates of deposit, and other fixed maturity
investments purchased showing date of transaction, proper name of the
investment, interest rate, maturity date, par value, purchase price, schedule
of amortization of premium or accretion of discount taken, book value, pledge
status, safekeeping location, and income receipt.
(b) Liability Ledger - containing separate
listings for the direct and indirect liabilities or obligations of each of the
bank's borrowing customers, excluding liabilities for overdrafts, cash items,
and loans repayable in regular installments due more frequently than
quarterly.
(c) Installment Loan
Ledger - although part of the liability ledger, a bank may elect to maintain
installment loans separately from other direct loans of a borrower and not
include them on the Liability Ledger above. In this event, they may be
maintained in a separate ledger with payments being posted manually or
electronically. The notes or payment record may be maintained in any order,
e.g. alphabetical, numerical, class of loans desired by management, except that
where they are not maintained alphabetically, an alphabetical cross-reference
file must be maintained summarizing the notes of each borrower.
(d) Cash Items Register - a listing daily of
all cash items held by a bank must be maintained which shows the maker of the
item, last endorser, if any, date acquired by the bank, amount of the item, and
reason held. The register may be maintained on a decentralized basis at each of
the bank's operating offices. The current register shall be reviewed by the
Board of Directors at least monthly. For purposes of this Rule, Cash Items
shall include any item received by a bank and paid but for which reimbursement
by the maker or endorser is not made before the end of the next business day
following the date in which the item is received, except such items as are
customarily held by the bank for settlement with its customer, whether maker or
endorser on the item, not less frequently than weekly. Where the item is held
beyond the regular settlement date, it shall be considered as a Cash Item
within the definition of this Rule. In addition to the foregoing, Cash Items
and the register thereof shall include such other items as the Board of
Directors shall from time to time determine.
(e) Deposit Ledgers - separate deposit
ledgers must be maintained for each General Ledger segregation of deposits and
each ledger must contain a continuing itemized record of all deposits and
withdrawals. Deposits will be segregated into no fewer than the following
categories: Demand Deposits, Savings Deposits, Overdrawn Accounts, Open
Accounts, Certificates of Deposit, Official Checks. In lieu of the requirement
for a register of outstanding Certificates of Deposit and Official Checks,
copies of the outstanding obligations may be maintained in numerical
order.
(f) Income and Expense
Registers - a detailed record of Income and Expenses must be
maintained.
(g) Overdrafts - a
record of all overdrawn deposit accounts shall be maintained. Such record shall
contain the name of the account holder, the amount of the overdraft, and date
the overdraft originated. The most current record shall be approved by the
Board of Directors or Loan Committee at least monthly, and such approval shall
be recorded in the minutes of the meeting at which the action was taken.
Overdrafts of less than $1,000, other than overdrafts on the accounts of
officers and directors, may be aggregated and reported in lump sum.
(h) Charged Off Assets - all charge-offs must
be approved by the Loan Committee, in the case of loans, or Board of Directors
and such approval recorded in the minute book. A record of all charge-offs and
recoveries thereon must be maintained.
(i) A register must be maintained of all
items held for safekeeping by a bank for its customers other than items
maintained in a safe deposit box under the sole control of the customer. The
register should describe the item fully, show the name of the owner, date
received, and number of receipts given.
(j) Each bank shall maintain a reconcilement
book on each of its correspondent bank accounts with other banks, and
reconcilements of each account shall be made at least monthly and recorded in
the reconcilement book.
(2) Where a bank has a statutory capital base
of $5,000,000 or more, review by the Board of Directors as required in
paragraphs (1)(d), (1)(g), and (1)(h) above may be delegated to a specific
officer or department of the bank, where such delegation is recorded in the
minutes of the Board of Directors. A properly constituted Loan Committee may
perform this function for the full Board of Directors regardless of the size of
the bank.
Notes
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