Common use of EFFECTIVE DATE OF THE REORGANIZATION Clause in Contracts

EFFECTIVE DATE OF THE REORGANIZATION. The Share Exchange and the reorganization of the Bank into a bank holding company structure shall be effective as of the date and time specified in the certificate or articles of share exchange to be filed with the Georgia Secretary of State in accordance with the applicable provisions of Section 14-2-1105 of the Georgia Business Corporations Code (the “Effective Date of the Reorganization”). Because the Share Exchange will effect the reorganization of the Bank into a bank holding company structure, such Share Exchange and reorganization, collectively, shall hereinafter be referred to as the “Reorganization.”