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Can you summarize 7 GACO Chapter 1, Article 3?
Financial Institutions > Credit Unions
Short Summary
The first legal document governs the incorporation and organization of credit unions in Georgia. It outlines the requirements for incorporating a credit union, including the necessary contents of the articles of incorporation and the concept of a ‘common bond’ for membership. The document also specifies the required filings and submission of proposed bylaws covering various aspects of credit union operations. The second legal document governs the appointment of conservators for credit unions. It grants the Department of Banking and Finance the authority to appoint a conservator for a credit union under certain circumstances, outlining the powers and responsibilities of the conservator. The third set of legal documents cover the powers, membership requirements, annual meetings, capital, governance, lending activities, reserves, dividends and interest, taxation, and other aspects of credit unions in Georgia. These documents provide guidelines for the governance, management, and operation of credit unions, ensuring compliance with applicable laws and regulations. No specific exemptions or penalties are mentioned in any of these documents.
Whom does it apply to?
Groups of individuals looking to incorporate a credit union, credit unions, their members, directors, officers, committees, and creditors
What does it govern?
Incorporation and organization of credit unions, appointment of conservators for credit unions, operations and regulations of credit unions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Georgia