Statutes > Georgia Statutes > TITLE 7 - BANKING AND FINANCE > CHAPTER 1 - FINANCIAL INSTITUTIONS > ARTICLE 1 - PROVISIONS APPLICABLE TO DEPARTMENT OF BANKING AND FINANCE AND FINANCIAL INSTITUTIONS GENERALLY > PART 7 - RECEIVERSHIP POWERS AND PROCEDURES GENERALLY > § 7-1-159 - Suspension or continuation of business

§ 7-1-159 - Suspension or continuation of business

O.C.G.A. 7-1-159 (2010)
7-1-159. Suspension or continuation of business


The department is authorized, upon taking possession of the business and property of a financial institution as receiver, to continue or to suspend the business for such period as it may deem necessary to enable it to determine whether to surrender such possession to the financial institution, to authorize a merger or consolidation, to liquidate the affairs of such financial institution, or to take such other action as is authorized by law.