Rule 80-7-1-.04 - Interpretations(1) The phrase "deposits subject to check or draft" as used in FIC Sections 7-1-730 through 7-1-734 shall not include deposits withdrawn by wire transfer or by check or draft where the check or draft is payable to the owner of the deposit or an affiliate of the owner and where there are five or fewer checks/drafts in any thirty-day (30) period.(2) For purposes of distinguishing between "deposits" and "credit balances", the following guidelines shall be applicable: (a) The maintenance of all credit balances shall be supported by appropriate file memorandum relating to the class of credit balances generally, e.g. compensating loan balances, letter of credit transactions, or to the specific credit balance being maintained and its related exercise of lawful power. Such memorandum shall recite the terms under which the credit balance(s) is maintained, the nature of the transaction out of which the credit balance arose, and the terms under which the credit balance must be terminated.(b) Access to credit balance accounts (other than by internally generated entry) may be by draft or transfer. Such items should not represent any significant volume relative to the nature of the account and should be two-party items, i.e. the payee should also be either the maker, the international bank, or an affiliate of the maker or international bank.(c) The foregoing shall not be applicable to accounts (operating expenses) payable arising out of the operations of the International Bank Agency in the ordinary course of business, nor shall it curtail the right of such an Agency to borrow money and issue obligations to evidence such borrowings.(d) Balances maintained by corporations and divisions affiliated with an International Bank Agency shall not be considered to be deposits even though not maintained in strict compliance with the foregoing.(e) Balances maintained by salaried employees of an International Bank Agency shall not be considered deposits even though not maintained in strict compliance with the foregoing.(3) The phrase "through its parent organization" as used in FIC Section 7-1-731 includes funds placed with and used internally for the benefit of the parent organization.Ga. Comp. R. & Regs. R. 80-7-1-.04
Ga. L. 1974, pp. 705, 733.
Original Rule entitled "Interpretations" was filed on October 15, 1981; effective November 4, 1981.