Rule 80-1-10-.03. Expansion of Existing Facilities

Rule 80-1-10-.03. Expansion of Existing Facilities

1. (1) Expansion of bank premises may be performed by a bank without the prior approval of the Department of Banking and Finance wherever the ultimate and final cost of the expansion or extension will not result in a fixed asset investment by the bank in excess of the sixty (60) percent legal limitation and

   1. (a) The proposed extension will be physically connected to the existing banking house, or
   2. (b) The proposed extension will be located on the same contiguous area of property as the existing banking house, and
   3. (c) In either the case of subparagraph (a) or (b) the proposed extension will not involve the purchase of real property.
2. (2) Pneumatic tube equipment may not be considered as physically connecting banking facilities within the meaning of the Banking Code.

Authority: Ga. L. 1974, pp. 733, 789.

History. Original Rule was filed on June 9, 1972; effective June 29, 1972.

Amended: Filed July 5, 1973; effective July 25, 1973.

Amended: Filed August 28, 1975; effective September 17, 1975.