Georgia Code, Title 7, Chapter 2 - Credit Union Deposit Insurance Corporation

• § 7-2-1 - Incorporation Procedures
  (a) Within one year after July 1, 1974, the duly authorized representatives of not less than three credit unions chartered and existing under the...
• § 7-2-2 - Amendments to Articles
  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...
• § 7-2-3 - Adoption and Amendment of Bylaws
  (a) At its organizational meeting, the membership of the corporation shall adopt bylaws to govern the operations of the corporation. These bylaws shall be...
• § 7-2-4 - Powers
  The corporation may: (1) Enter into contracts, including contracts for reinsurance; (2) Sue and be sued; (3) Adopt, use, and display a corporate seal;...
• § 7-2-5 - Membership -- Acquisition and Termination
  (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...
• § 7-2-6 - Membership -- Financial Institutions Which are Ineligible to Be Federally Insured or Which Were Chartered Prior to July 1, 1981
  Reserved. Repealed by Ga. L. 1993, p. 917, § 10, effective April 13, 1993.
• § 7-2-6.1 - Powers and Privileges of Members
  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...
• § 7-2-7 - Membership Fees; Refunds of Fees, Assessments, and Premiums; Distribution of Undivided Corporate Earnings Preceding Voluntary Cessation of Business
  (a) Each financial institution accepted for membership shall be required to pay a membership fee of 1 percent of the deposits and shares of...
• § 7-2-8 - Premiums and Special Assessments; Distribution of Assets on Liquidation
  (a) A regular annual premium, not to exceed one-twelfth of 1 percent of the deposits and shares of the member financial institution, shall be...
• § 7-2-9 - Insurance of Deposits and Shares
  (a) Upon receipt of the first installment of the prescribed membership fee from the financial institutions which have agreed to become members of the...
• § 7-2-10 - Conduct of Business by Incorporators and Directors
  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...
• § 7-2-11 - Exclusive Supervision by Department; Rules and Regulations
  (a) The corporation shall not be deemed an insurance company within the meaning of the laws of the State of Georgia relating to insurance...
• § 7-2-12 - Copies of Members' Reports Sent to Corporation; Additional Examinations or Audits; Ordering Corrective Action or Revoking Membership
  (a) The department shall forward to the corporation copies or summaries of all examination reports of member financial institutions. In the event a summary...
• § 7-2-13 - Administrative Review of Corporation or Department Decision; Exhaustion of Remedies
  (a) If a financial institution is aggrieved by a decision or order of the corporation or if the corporation is aggrieved by a decision...
• § 7-2-14 - Tax Exemption
  The corporation shall be exempt from all state and local taxes except real property taxes.

Last modified: October 14, 2016