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Can you summarize 7 GACO Chapter 2?
Banking And Finance > Credit Union Deposit Insurance Corporation
Short Summary
The provided legal document content covers various aspects of the Credit Union Deposit Insurance Corporation in the state of Georgia. It includes the incorporation procedures for a nonprofit credit union deposit insurance corporation, requirements for articles of incorporation, approval process by the Department of Banking and Finance, adoption and amendment of bylaws, powers of the corporation, acquisition and termination of membership, payment of membership fees, refunds of fees, assessments, and premiums, insurance of deposits and shares, conduct of the corporation’s business, supervision and jurisdiction of the department, examination and audit of member financial institutions, administrative review of decisions or orders, and tax exemptions. The documents apply to credit unions chartered and existing under the laws of Georgia, directors and members of the nonprofit credit union deposit insurance corporation, and member financial institutions. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Credit unions chartered and existing under the laws of Georgia, directors and members of the nonprofit credit union deposit insurance corporation, member financial institutions, financial institutions defined in Code Section 7-1-4 or chartered under the laws of the United States or any state or territory of the United States
What does it govern?
Incorporation procedures for a nonprofit credit union deposit insurance corporation, adoption and amendment of bylaws, powers of the corporation, acquisition and termination of membership, payment of membership fees, refunds of fees, assessments, and premiums, insurance of deposits and shares, conduct of the corporation's business, supervision and jurisdiction of the department, examination and audit of member financial institutions, administrative review of decisions or orders, tax exemptions
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
Georgia