Ga. Comp. R. & Regs. R. 80-12-3-.01 - Requirement to Begin Business
(1)
If an application is approved and a charter is issued, then, within one (1)
year of beginning operations, the MALPB must be operating in this State with
the number of resident employees required by Rule
80-12-4-.04 that are devoted to
performing merchant acquiring activities for the MALPB.
(2) If the MALPB fails to begin operations
within one (1) year after the date of issuance of the charter, the MALPB
charter shall expire and a new application will be required for the issuance of
a new charter. Prior to the expiration of the one (1) year period, the MALPB
can make a written request for an extension of time to begin operations and it
shall be in the Commissioner's sole discretion to approve or deny the request
for an extension of time.
Notes
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