reglab/housing_qa huggingface dataset:
GA Code § 7-1-635.1 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 1 - General Provisions; Organization|§ 7-1-635.1. Out-of-State Credit Unions

  A credit union organized in another state may conduct business and establish a place of business in this state with the approval of the department. The department must find that the out-of-state credit union:   Is a credit union organized under laws of a state other than the State of Georgia or of the United States, which state grants similar authority to credit unions organized under the laws of this state;   Is financially solvent and operates in conformance with the laws and regulations of its charter jurisdiction; and   Has deposit insurance issued by a federal public body that is comparable to that required for credit unions chartered in this state.     The out-of-state credit union must agree to:   Grant loans at rates not in excess of the rates permitted for credit unions incorporated under the laws of Georgia;   Comply with the same consumer protection provisions that credit unions incorporated under this chapter must obey; and   Designate and maintain an agent for the service of process in this state.     The department may examine the operations of any out-of-state credit union for the purpose of determining that the scope of its activities does not exceed that allowed pursuant to this chapter and that the facility is otherwise operating in compliance with the applicable laws of this state. The department may by regulation establish minimum requirements for the maintenance of books and records in sufficient form to enable the department to carry out its responsibilities under this Code section.   The department may enter into cooperative and reciprocal agreements with the credit union regulatory authority of any government for the periodic examination of credit union offices and facilities of any kind located within this state and may accept reports from such authorities in lieu of conducting its own examination for compliance with the laws of this state.   A credit union which is approved under this Code section shall be exempt from the requirements of Article 15 of Chapter 2 of Title 14.    (Code 1933, § 41A-3008, enacted by Ga. L. 1981, p. 753, § 1; Ga. L. 1989, p. 1257, § 23; Ga. L. 2005, p. 826, § 16/SB 82; Ga. L. 2015, p. 344, § 18/HB 184.)   Code Commission notes.   - Pursuant to Code Section 28-9-5, in 1989, "does" was substituted for "do" in the first sentence of subsection (c).   Pursuant to Code Section 28-9-5, in 2005, "; and" was added at the end of paragraph (a)(2).
GA Code § 7-1-636 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 1 - General Provisions; Organization|§ 7-1-636. Effect on Articles and Duration of Existing Credit Unions

  Nothing in this chapter shall be construed to impair the validity of the articles of a credit union existing on April 1, 1975.   Each credit union existing on April 1, 1975, shall have perpetual duration unless its articles are amended under this chapter to provide for a limited period of duration.    (Code 1933, § 41A-3007, enacted by Ga. L. 1974, p. 705, § 1.)   OPINIONS OF THE ATTORNEY GENERAL   Credit unions in existence prior to April 1, 1975.   - Current state law governing credit unions which were in existence and validly operating prior to April 1, 1975, allows those credit unions to maintain the fields of membership that they possessed prior to April 1, 1975. 2004 Op. Att'y Gen. No. 2004-6.
GA Code § 7-1-640 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 2 - Credit Union Conservators|§ 7-1-640. Appointment of Conservators; Authority; Reporting Requirement

  The department may, in its discretion, appoint itself or a third party as conservator for a credit union when the credit union:   Is insolvent or in an unsafe and unsound condition;   Has suspended payment of obligations without authority of law;   Has violated its articles or an order, statute, rule, or regulation and the department determines that its continued control of its own affairs threatens injury to the public, the financial community, members, or creditors; or   Requests the department, by its board of directors, to appoint a conservator for the benefit of members or creditors.     The right of the department to act as conservator of a credit union shall be in addition to all other rights, remedies, and powers of the department.   The department may, in its discretion, before or after taking conservatorship, petition the principal court of a credit union for the appointment of a conservator pursuant to Code Section 7-1-643.   The conservator shall conduct the business of the credit union and take steps toward the removal of the causes and conditions that have necessitated the appointment of a conservator. The conservator shall be immediately authorized to:   Assume all powers of the members, directors, officers, and committees of the credit union;   Take charge of the credit union and all of its property, books, records, and effects;   Take any and all actions to operate the credit union in its own name or to conserve its assets as directed by the department, including, but not limited to, terminating or adopting any executory contracts to which the credit union may be a party;   Take all necessary measures to preserve, protect, and recover any assets or property of the credit union, including any claim or cause of action belonging to or which may be asserted by the credit union, and administer the same in its own name as conservator;   File, prosecute, and defend any suit that has been filed or may be filed by or against the credit union that is deemed by the conservator to be necessary to protect all interested parties or any property affected thereby;   Exercise all rights, powers, and duties conferred on the credit union by this chapter; and   Take any other actions that are necessary or incidental to carrying out the role of conservator.     The conservator shall make reports to the department from time to time as may be required by the department.     (Code 1981, §7-1-640, enacted by Ga. L. 2015, p. 344, § 19/HB 184.)
GA Code § 7-1-641 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 2 - Credit Union Conservators|§ 7-1-641. Certificate of Appointment

  The department shall, immediately after appointing a conservator, file with the principal court of a credit union a certificate to be known as a certificate of appointment.   The certificate of appointment shall set forth the basis for the department's appointment of a conservator and state the name of the conservator.   If the department does not appoint a conservator prior to the date of the filing of the certificate of appointment or it appoints a new or additional conservator, the department shall file a supplement to the certificate of appointment setting forth such facts.   The certificate of appointment and any supplement will be listed in the judgment index in the name of the credit union as defendant and the department as plaintiff.     (Code 1981, §7-1-641, enacted by Ga. L. 2015, p. 344, § 19/HB 184.)
GA Code § 7-1-642 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 2 - Credit Union Conservators|§ 7-1-642. Costs; Immunity

  All costs incident to conservatorship will be charged against the assets of the credit union to be allowed and paid as the department may determine.   The department, its employees, and third parties acting as conservators are not subject to liability for actions related to a conservatorship, including, but not limited to, the appointment of a conservator, and no department funds shall be required to be expended on behalf of the credit union, its creditors, employees, or members, or any other party or entity.     (Code 1981, §7-1-642, enacted by Ga. L. 2015, p. 344, § 19/HB 184.)
GA Code § 7-1-643 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 2 - Credit Union Conservators|§ 7-1-643. Appointment of Department as Conservator

  Whenever any court, upon the initiation of the department or other person entitled by law to institute such proceedings, determines that a conservator should be appointed, for any reason whatsoever, it shall appoint the department as conservator. Except as provided in subsection (c) of this Code section, such court shall appoint only the department as conservator of a credit union.   When appointed conservator by a court, the department shall serve in the same manner and with the same limitations and shall have the same rights, powers, and duties as if it were to become conservator without appointment by a court pursuant to Code Section 7-1-640. No court shall impose upon the department as conservator any duties or restrictions in conflict with this chapter.     In any proceeding for the appointment of a conservator of a credit union whose shares are insured by a public body of the United States, the court may, upon the recommendation of the department, whether or not the department is a party, appoint such public body as conservator.   If a public body accepts the appointment, it shall have all the rights, powers, and duties of the department as conservator under this chapter and all the rights, powers, and duties as conferred by other applicable law.   The posting of a bond shall not be required when a public body acts as conservator.       (Code 1981, §7-1-643, enacted by Ga. L. 2015, p. 344, § 19/HB 184.)
GA Code § 7-1-644 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 2 - Credit Union Conservators|§ 7-1-644. Bond

  If the department appoints a conservator other than a public body of the United States that insures the shares of a credit union, an employee of the department, or the department itself, the conservator and any assistants shall provide a bond, payable to the credit union and executed by a surety company authorized to do business in this state.   The amount of such bond shall be approved by the department and be in an amount to ensure the faithful discharge of duties in connection with the conservatorship and take into account the amount of money under the control of the conservator.   The cost of such bond shall be paid from the assets of the credit union.   Any person injured by a breach of the conditions on such bond has a right to bring a civil remedy in order to seek to collect on such bond.   A bond of a credit union shall be deemed satisfactory if the department determines it covers a conservator and any assistants.     (Code 1981, §7-1-644, enacted by Ga. L. 2015, p. 344, § 19/HB 184.)
GA Code § 7-1-645 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 2 - Credit Union Conservators|§ 7-1-645. Show Cause Requirement; Appointment of Receiver; Role of Conservator; Limitation on Court's Role

  No later than ten days after the date a conservator is appointed pursuant to Code Section 7-1-640, a credit union may apply to its principal court for an order requiring the department to show cause why it should not be enjoined from continuing the conservatorship.   If at any time the department determines that a credit union is not in a condition to continue business under a conservator, the department may appoint a receiver in accordance with Code Section 7-1-150.   A conservator may conduct the business of a credit union and take steps toward the removal of the causes and conditions that have necessitated the appointment of a conservator until such time as:   The department shall permit such credit union to continue business subject to such terms and conditions as may be imposed by the department;   Such credit union is liquidated in accordance with the provisions of subsection (b) of this Code section; or   Otherwise ordered by the principal court of such credit union.     Except as provided in this chapter, no court shall take any action, except at the request of the department, to restrain or affect the exercise of powers or functions of a conservator.     (Code 1981, §7-1-645, enacted by Ga. L. 2015, p. 344, § 19/HB 184.)
GA Code § 7-1-651 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 3 - Operation and Regulation|§ 7-1-651. Membership; Shares

  The membership of the credit union shall consist of the initial subscribers and such other persons within the field of membership as may have subscribed to one share, which has been paid by a person or the credit union, together with the required entrance fee and complied with all other requirements contained in the bylaws. No subscriber or other member shall hold more than one share out of any class of shares. The bylaws may provide for separate classes of shares for borrowers and depositors and for the par value of each share for each class, but in no event shall the par value be less than $1.00.   Societies, associations, partnerships, and corporations composed of persons who are eligible for membership or headquartered within the field of membership may be admitted to membership in the same manner and under the same conditions as such persons.   A person or corporation who leaves the field of membership may be permitted to retain his membership in the credit union at the discretion of the board of directors.   Customers of a bank that have been acquired by a credit union as a result of a merger or purchase and where the bank will cease to exist, due to a voluntary or involuntary dissolution, shall become members of the credit union upon the effective date of the underlying transaction; provided, however, that nothing herein shall be deemed as permitting a public body to be a member of a credit union. As used in this subsection, the term "public body" shall have the same meaning as provided in Code Section 45-8-1.    (Ga. L. 1925, p. 165, §§ 1, 9; Code 1933, §§ 25-101, 25-108; Code 1933, § 41A-3102, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1985, p. 823, § 1; Ga. L. 2009, p. 86, § 7/HB 141; Ga. L. 2015, p. 344, § 20/HB 184; Ga. L. 2017, p. 193, § 18/HB 143; Ga. L. 2019, p. 828, § 21/HB 185.)    The 2019 amendment,  effective July 1, 2019, added subsection (d).   OPINIONS OF THE ATTORNEY GENERAL    Former Code 1933, §§ 25-101, 25-108, and 25-109 (see now O.C.G.A. §§ 7-1-630,7-1-651, and7-1-653) indicate that each credit union has complete control over membership, and that eight persons could form a credit union and limit membership to the original eight incorporators. 1948-49 Op. Att'y Gen. p. 434.   RESEARCH REFERENCES   Am. Jur. 2d.   - 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 5 et seq., 189.   C.J.S.   - 12 C.J.S., Building and Loan Associations, Savings and Loan Associations, and Credit Unions, §§ 59 et seq., 83.
GA Code § 7-1-651.1 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 3 - Operation and Regulation|§ 7-1-651.1. In Person Annual Meetings; Requirements for Remote Options; Impact of Emergency Declaration

  Except as provided in subsection (c) of this Code section, the annual meeting of the members shall be held in person.   Members may participate and vote remotely at the meetings of the members if the bylaws of the credit union explicitly provide an option for remote participation and voting. If the bylaws so provide, the board of directors shall:   Implement reasonable measures to:   Provide members a reasonable opportunity to remotely participate in such meetings. Such measures may include, but are not limited to, audio webcast or other broadcast of the meeting but, in every instance, shall provide members the ability to communicate substantially concurrently with the proceedings;   Enable members to vote or grant proxies at such meetings by means of electronic communication. Such measures may include, but are not limited to, telephonic or internet voting; and   Verify that each person deemed present and permitted to vote remotely is a member in order to ensure the integrity of the vote;     Provide the option for remote participation and voting at no cost to members; and   Keep a record of remote attendance by members and any vote or other action taken by a member participating remotely.     In the event of a proclaimed emergency pursuant to Code Section 7-1-111, the board of directors may apply to the department for authorization to conduct a meeting of the members solely through remote participation. If such application is approved by the department, the board of directors shall comply with the requirements of subsection (b) of this Code section.     (Code 1981, §7-1-651.1, enacted by Ga. L. 2021, p. 323, § 30/HB 111.)
GA Code § 7-1-654 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 3 - Operation and Regulation|§ 7-1-654. Capital; Right to Offset Loans, Dues, and Fines

 The capital of the credit union shall consist of the payments that have been made to it by the members on their qualifying shares. A credit union shall have a lien on a member's share and deposits and on dividends or interest payable thereon for and to the extent of any loan made by it to such member and of any dues and fines payable to it by such member.   (Ga. L. 1925, p. 165, § 16; Code 1933, § 25-110; Code 1933, § 41A-3105, enacted by Ga. L. 1974, p. 705, § 1.)   RESEARCH REFERENCES   C.J.S.   - 12 C.J.S., Building and Loan Associations, Savings and Loan Associations, and Credit Unions, §§ 68, 69.
GA Code § 7-1-657 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 3 - Operation and Regulation|§ 7-1-657. Duties of Audit Committee; Inspections; Comprehensive Annual Audits; Use of Independent Accountants

  The audit committee shall be responsible for securing a comprehensive audit of the credit union at least once each year unless such time period is modified pursuant to the rules and regulations of the department. Except as provided for in subsection (c) of this Code section, the committee shall employ the services of a licensed, independent certified public accountant or firm of such accountants to make such comprehensive audit. The results of the audit shall be submitted to the board, and the committee shall present a summary of the results of the audit to the membership. The committee shall make recommendations to the board for the correction of any deficiencies disclosed by the audit. The annual audit shall include a confirmation of the share, deposit, and loan accounts of the members and such other procedures as the department might require. The annual audit shall be preserved with the records of the credit union, and a copy of such audit shall be filed with the department upon request by the department.   The audit committee, from time to time, may conduct or cause to be conducted other audit functions or reviews of operations or may make or cause to be made an inspection of the assets and the liabilities of the credit union. The committee shall report the results of any such reviews to the board of directors and shall be responsible for making specific recommendations to the board regarding any unsafe, unsound, or unauthorized activities discovered.   Based upon the total assets of a credit union, the complexity of a credit union, or other factors, the department may enact rules and regulations authorizing certain credit unions to obtain the required comprehensive audit from an individual or entity that is not a licensed, independent certified public accountant or firm of such accountants so long as the individual or entity is independent or otherwise qualified.    (Ga. L. 1925, p. 165, § 15; Code 1933, § 25-114; Code 1933, § 41A-3108, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1244, § 9; Ga. L. 2002, p. 1220, § 7; Ga. L. 2015, p. 344, § 23/HB 184; Ga. L. 2017, p. 193, § 19/HB 143; Ga. L. 2019, p. 828, § 25/HB 185.)    The 2019 amendment,  effective July 1, 2019, substituted "audit" for "supervisory" near the beginning of the first sentence of subsections (a) and (b).
GA Code § 7-1-659 (2021)
2021 Georgia Code|Title 7 - Banking and Finance|Chapter 1 - Financial Institutions|Article 3 - Credit Unions|Part 3 - Operation and Regulation|§ 7-1-659. Entrance Fees; Reserves; Exclusion of State and Federal Credit Union Reserves From Tax Calculations

  A credit union may charge entrance fees as provided in the bylaws. All such fees shall, after payment of organizational expense, be known as reserve income and shall be added to the regular reserve of the credit union.   Immediately before the payment of each dividend, the gross earnings of the credit union shall be determined. There shall be set aside from that amount as an allowance for loan and lease losses, sums adequate to cover such anticipated losses, based on the risk characteristics of the loan portfolio.   All credit unions shall be subject to the capital and reserve requirements of Part 702 of the Rules and Regulations of the National Credit Union Administration, known as Prompt Corrective Action. Credit unions that are less than ten years old shall operate according to a business plan which shall contain requirements for reserves and which shall be approved by the department. The department shall have the discretion to require additional capital and reserves to assure the safety and soundness of any credit union.   In addition to regular reserves, special reserves to protect the interest of members shall be established when found necessary in any special case by the board of directors of the credit union or by the department.   All reserves of credit unions or federal credit unions established in accord with generally accepted accounting principles or upon the specific direction of the department or any federal regulatory body or for the purpose of complying with any conditions lawfully imposed by the department or any federal regulatory body shall not be considered as surplus or undivided profits of any credit union for tax purposes.    (Ga. L. 1925, p. 165, § 19; Code 1933, § 25-117; Ga. L. 1956, p. 742, § 3; Code 1933, § 41A-3110, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2002, p. 1220, § 8.)   RESEARCH REFERENCES   C.J.S.   - 12 C.J.S., Building and Loan Associations, Savings and Loan Associations, and Credit Unions, §§ 61, 62.