Rule 80-13-1-.05. Audit Committee

Rule 80-13-1-.05. Audit Committee

A trust company shall have an audit committee. The audit committee must consist of a committee of the trust company's directors or directors of an affiliate of the trust company. However, in either case, the committee:

1. (a) Must not include any officers of the trust company or an affiliate who participate significantly in the administration of the trust company's fiduciary activities; and
2. (b) Must consist of a majority of members who are not also members of any committee to which the board of directors has delegated power to manage and control the fiduciary activities of the trust company.

Authority: O.C.G.A. § 7-1-61.

History. Original Rule entitled "Audit Committee" adopted. F. June 29, 2017; eff. July 19, 2017.