Title 46

The bonds authorized by this article shall be securities in which: (1) All public officers and bodies of this state; (2) All political subdivisions of this state; (3) All insurance companies and associations, and other persons carrying on an insurance business; (4) All banks, ban…

(a) All or any part of the gross or net revenues and earnings derived from any particular project and any and all revenues and earnings received by the authority, regardless of whether such revenues and earnings were produced by a particular project for which bonds have been issu…

(a) In the discretion of the authority, any issue of revenue bonds may be secured by a trust agreement or indenture made by the authority with a corporate trustee, which may be any trust company or bank having the powers of a trust company within or without this state. Such trust…

(a) Proceeds of the bonds issued under authority of this article shall be used solely for the payment of the cost of projects and shall be disbursed upon requisition or order of such person and under such restrictions as the resolution authorizing the issuance of such bonds or th…

(a) If any bond becomes mutilated or is lost, stolen, or destroyed, the authority may execute and deliver a new bond of like date of issue, maturity date, principal amount, and interest rate per annum as the bond so mutilated, lost, stolen, or destroyed, which new bond shall have…

Interest shall cease to accrue on any bond on the date that such bond becomes due for payment if said payment is made or duly provided for, but liability for such bond and for the accrued interest thereon shall continue until such bond is 20 years overdue for payment. At that tim…

Unless otherwise directed by the authority, every evidence of indebtedness and interest coupon paid or otherwise retired shall forthwith be marked ‘‘canceled’’ and shall be delivered by the paying agent making payment thereof to the authority, whereupon the evidence of indebtedne…

The fiscal officer of the authority or his agent shall maintain records containing a full and correct description of each evidence of indebtedness issued, identifying it and showing its date, issue, amount, interest rate, payment dates, payments made, registration, cancellation, …

The authority may appoint one or more paying agents for each issue or series or installment of bonds. Every such paying agent shall be an incorporated bank or trust company authorized by the laws of the United States or of the state in which it is located to do a banking or trust…

(a) The authority shall have the power and is authorized, whenever revenue bonds of the authority have been validated as provided in Code Section 46-3-131, to issue from time to time its negotiable notes in anticipation of the issuance of such bonds as validated and to renew from…

Notwithstanding any other law to the contrary, every evidence of indebtedness issued under this article shall have all the rights and incidences of negotiable instruments, subject to provisions for registration. (Ga. L. 1975, p. 107, § 15.)

(a) Neither the members of the authority nor any person executing bonds or notes on behalf of the authority shall be personally liable thereon by reason of the issuance thereof. (b) Neither the revenue bonds or notes issued under this chapter nor the instruments evidencing the ob…

While any of the bonds or notes issued by the authority remain outstanding, the powers, duties, or existence of the authority or of its officers, employees, or agents shall not be diminished, impaired, or affected in any manner which will affect adversely the interest and rights …

(a) If the authority defaults on the payment of the principal or interest on any of the revenue bonds after the same become due, whether at maturity or upon call for redemption, and such default continues for a period of 30 days, or if the authority or its officers, agents, or em…

(a) For the purpose of earning sufficient revenue to make possible the financing of the construction of the projects of the authority with revenue bonds, the authority is authorized and empowered to fix and revise rates and collect fees, tolls, and charges on each project which i…

All funds received pursuant to authority of this article, whether as proceeds from the sale of revenue bonds or as revenues, fees, tolls, charges, or other earnings or as gifts, grants, or other contributions, shall be deemed to be trust funds to be held and applied solely as pro…

The authority, together with all funds established in connection with its debt, shall be audited no less frequently than annually by an independent certified public accountant to be selected by the authority. Copies of such audit shall be available upon request to interested part…

Any action to protect or enforce any rights under this article brought in the courts of this state shall be brought in the Superior Court of Fulton County. Any action pertaining to validation of the bonds issued under this article and pertaining to validation of the contracts con…

The rates, services, and practices relating to the generation, transmission, and sale by the authority of power to be generated from the projects authorized by this article shall not be subject to the provisions of the Georgia Public Service Commission law nor to regulation by no…

Meetings of the authority shall be subject to Chapter 14 of Title 50. All records of the authority shall be subject to Article 4 of Chapter 18 of Title 50. (Ga. L. 1975, p. 107, § 25.)

The provisions of this article shall be regarded as supplementary and additional to and cumulative of powers conferred by other laws and shall not be regarded as being in derogation of any powers conferred by any other law. (Ga. L. 1975, p. 107, § 29.)

This article, being for the welfare of the state and its inhabitants, shall be liberally construed to effect the purposes hereof. (Ga. L. 1975, p. 107, § 28.)

This article may be cited as the ‘‘Georgia Electric Membership Corporation Act.’’ (Ga. L. 1937, p. 644, § 1; Code 1933, § 34C-101, enacted by Ga. L. 1981, p. 1587, § 1.)

As used in this article, the term: (1) ‘‘Address’’ means a complete mailing address, including, whenever practicable, street and number or building and floor. (2) ‘‘Articles of incorporation’’ means the original or restated articles of incorporation or articles of consolidation a…

(a) This article shall apply to electric membership corporations but shall not apply to other persons except when expressly so provided in this article. (b) This article shall apply to commerce with foreign nations and among the several states only insofar as the same may be perm…

(a) With respect to any contract, conveyance, or other such document executed by and on behalf of an electric membership corporation or a foreign electric cooperative, the presence of the corporate seal or facsimile thereof, attested by the secretary or an assistant secretary of …

(a) Whenever this article requires any document to be delivered for filing as provided in this article, unless otherwise specifically stated in this article and subject to any additional provisions of this article, such requirement shall mean that: (1) The original executed docum…

(a) All certificates issued by the Secretary of State in accordance with this article and all copies of documents filed in his office in accordance with this article, when certified by him, shall be taken and received in all courts, public offices, and official bodies as prima-fa…

Whenever any electric membership corporation shall have borrowed money from any federal agency, the obligations issued to secure the payment of such money shall be and are classified as securities, the inherent qualities of which assure their sale and disposition without the perp…

Except as otherwise provided in Part 1 of Article 1 of this chapter, the ‘‘Georgia Territorial Electric Service Act,’’ electric membership corporations shall not be subject to the jurisdiction of the commission. (Code 1933, § 34C-1802, enacted by Ga. L. 1981, p. 1587, § 1.)

It is the intention of the General Assembly that nothing in this article shall be construed so as to authorize any electric membership corporation to own or operate a cable television system. (Ga. L. 1981, p. 1587, § 2.) Page: 202 Job Path: @mfgmic/west/stcodes/ga/repl/qj04040.63…

Transactions validly entered into before July 1, 1981, and the rights, duties, and interests flowing from them shall remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted by any statute repealed by this article as though such …

The repeal of a prior Act by this article shall not affect any cause of action, liability, penalty, or action or special proceeding which is accrued, existing, incurred, or pending on July 1, 1981; but the same may be asserted, enforced, prosecuted, or defended as if the prior Ac…

The General Assembly shall at all times have power to prescribe such regulations, provisions, and limitations as it may deem advisable, which regulations, provisions, and limitations shall be binding upon any and all persons which are subject to this article; and the General Asse…

Nothing in this article repeals, or is intended to repeal, either expressly or by implication, any provision of Part 1 of Article 1 of this chapter, the ‘‘Georgia Territorial Electric Service Act.’’ (Code 1933, § 34C-108, enacted by Ga. L. 1981, p. 1587, § 1.) Part 2 Corporate Pu…

(a) Subject to any limitations provided in this article, or in any other law, and consistent with the purposes set forth in this article, each electric membership corporation: (1) Shall exist under articles of incorporation; (2) Shall have perpetual duration unless a limited peri…

No act of an electric membership corporation and no conveyance or transfer of real or personal property to or by an electric membership corporation shall be invalid by reason of the fact that the electric membership corporation was without capacity or power to do such act or to m…

All persons who assume to act as an electric membership corporation before the Secretary of State has issued the certificate of incorporation to the incorporator or incorporators or his or their attorney shall be jointly and severally liable for all debts and liabilities incurred…

All rights of action accruing against any electric membership corporation growing out of the acquisition of rights of way or easements or the occupying of lands of others by such electric membership corporations shall be barred at the end of 12 months from the date of the accrual…

Upon the expiration of such period or any extension thereof, the certificate shall become void unless the amendment changing the corporate name shall have become effective within such time. (b) The electric membership corporation shall cause the original articles of amendment and…

(a) The exclusive right to the use of a corporate name may be reserved by: (1) Any person intending to organize an electric membership corporation under this article; (2) Any electric membership corporation intending to change its name; (3) Any foreign electric cooperative intend…

(a) Each electric membership corporation shall have and continuously maintain in this state: (1) A registered office which may be, but need not be, the same as its place of business; and (2) A registered agent, which agent may be: (A) A natural person residing in this state whose…

(a) An electric membership corporation may change its registered office or change its registered agent, or both, by executing and filing in the office of the Secretary of State a statement setting forth: (1) The name of the electric membership corporation; (2) The address of its …

(a) The registered agent appointed by an electric membership corporation pursuant to Code Section 46-3-240 shall be an agent of the electric membership corporation upon whom any process, notice, or demand required or permitted by law to be served upon the electric membership corp…

(a) Notwithstanding Code Section 46-1-2, venue in proceedings against an electric membership corporation or foreign electric cooperative shall be determined in accordance with the Constitution of Georgia and this Code section. (b) Unless otherwise required by the Constitution of …

All persons who may lawfully receive service from an electric membership corporation and who are receiving or have agreed to receive such service shall be members therein, subject to complying with such additional conditions and requirements for membership as are set forth in the…