Title 7 — Banking and Finance
0 chapters · 568 sections in this title.
O.C.G.A. § 7-2-1 Incorporation procedures
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(a) Within one year after July 1, 1974, the duly authorized representatives of not less than three credit unions chartered and existing under the laws of this state may petition the Secretary of State for incorporation of a nonprofit credit union deposit insurance corporation, her…
O.C.G.A. § 7-2-10 Conduct of business by incorporators and directors
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The corporation’s business shall be conducted by the incorporators, who shall serve until the organizational meeting of the corporation, at which time not less than three directors shall be elected by the members of the corporation in accordance with the bylaws. Thereafter, the c…
O.C.G.A. § 7-2-11 Exclusive supervision by department; rules and regulations
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(a) The corporation shall not be deemed an insurance company within the meaning of the laws of the State of Georgia relating to insurance or providing for the supervision of insurance companies, but it shall be subject to the exclusive supervision of the department. The departmen…
O.C.G.A. § 7-2-14 Tax exemption
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The corporation shall be exempt from all state and local taxes except real property taxes. History. Ga. L. 1974, p. 545, § 13. 623 T.7, C.3 T.7, C.3 BANKING AND FINANCE CHAPTER 3 INSTALLMENT LOANS Sec. 7-3-23. Article 1 General Provisions Sec. 7-3-1. 7-3-2. 7-3-3. 7-3-4. Short ti…
O.C.G.A. § 7-2-2 Amendments to articles
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Amendments to the articles of incorporation, adopted by a vote of two-thirds of the member financial institutions present at an annual meeting or a special meeting called for that purpose, shall be filed with 613 7-2-4 the Secretary of State in the same manner as the original artic…
O.C.G.A. § 7-2-3 Adoption and amendment of bylaws
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(a) At its organizational meeting, the membership of the corporation shall adopt bylaws to govern the operations of the corporation. These bylaws shall be submitted to the department for approval and, if found to be consistent with this chapter, conducive to the purposes for whic…
O.C.G.A. § 7-2-4 Powers
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The corporation may: (1) Enter into contracts, including contracts for reinsurance; (2) Sue and be sued; (3) Adopt, use, and display a corporate seal; 614 7-2-4 (4) Advance funds, in accordance with agreed terms and conditions, to aid member financial institutions to operate and t…
O.C.G.A. § 7-2-5 Membership
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(a) Any financial institution, as defined in Code Section 7-1-4 or chartered under the laws of the United States or of any state or territory of the United States, may become a member of the corporation upon application by its directors, recommendation of the department, and approv…
O.C.G.A. § 7-2-6.1 Powers and privileges of members
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Any financial institution insured by the corporation shall have the same powers and privileges as any other state-chartered financial institution of the same class even though such other financial institution is insured under some other state or federal program. Such equality of pow…
O.C.G.A. § 7-2-8 Incorporation procedures
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Amendments to articles. Adoption and amendment of bylaws. Powers. Membership. [Reserved] Membership — Financial institutions which are ineligible to be federally insured or which were chartered prior to July 1, 1981. Powers and privileges of members. Membership fees; refunds of f…
O.C.G.A. § 7-2-9 Insurance of deposits and shares
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(a) Upon receipt of the first installment of the prescribed member619 7-2-10 ship fee from the financial institutions which have agreed to become members of the corporation as provided in this chapter, the corporation may commence its insurance of the deposits and shares of the mem…