{"data":{"id":"us-ga/o.c.g.a.-7-1-370","jurisdiction":"us-ga","citation":"O.C.G.A. § 7-1-370","heading":"Deposits by financial institutions.","body":"(a) Subject to the restrictions of subsection (b) of this Code section and of Code Section 7-1-371 in regard to reserve funds, a financial institution may deposit its funds in any depository which is:\n(1) Selected by, or in any manner authorized by, its directors;\n(2) Authorized by law to receive deposits; and\n(3) In the case of a depository located in the United States, one which has deposit insurance issued by a federal public body to depositories of the type involved.\n(b) If a director of the financial institution has a relationship to a depository as either:\n(1) An officer or director; or\n(2) An owner of 5 percent or more of the shares of the depository,\nthe depository shall be approved by a majority of the directors other than the director who has such relationship.","path":["TITLE 7 Banking And Finance","CHAPTER 1 Financial Institutions","Article 2 Banks and Trust Companies","PART 7 Banking Depositories, Reserves, and Remissions"],"source_url":"https://archive.org/download/gov.ga.ocga.2018/release86.2022.11/gov.ga.ocga.title.07.odt","current_through":"Release 86 (2022-11)","vintage":"Public.Resource.Org bulk O.C.G.A., Release 86 (2022-11), retrieved 2026-09-17","retrieved_at":"2026-09-17T19:34:57Z","sha256":"67c3406df0400cbf8da3cf007de751c93d8c5386df6b91a3db9a20641ecc7b1c","source_id":"us-ga","stale":false,"prev":"us-ga/o.c.g.a.-7-1-360","next":"us-ga/o.c.g.a.-7-1-371"},"notice":"GroundRules: Original legal text. Not legal advice."}