Extensions of Credit Involving Directors or Officers

(1) The definition and commentary contained in Federal Reserve Regulation "O" shall be applied to effect the intent of Code Section 7-1-491 . (2) The Department may use its discretion in applying the non-preferential loan prohibition, and in particular may find a violation where it discovers that a bank is attempting to circumvent a prohibition where it would otherwise apply. Authority: O.C.G.A. Sec. 7-1-491 . History. Original Rule entitled "Extensions of Credit Involving Directors or Officers" adopted. F. June 28, 1984; eff. August 1, 1984, as specified by the Agency. Amended: F. Sept. 26, 1995; eff. Oct. 16, 1995.