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Georgia State Code
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Chapter       1  
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Title 7, Chapter 1, Section 631 (7-1-631)

The subscribers shall also:

(1) File with the department a certificate of the Secretary of State attesting that the name of the proposed credit union has been reserved as authorized by Code Section 7-1-131;

(2) File with the department two copies of proposed bylaws setting forth the following:

(A) The date of the annual meeting, the manner of conducting the same, the number of members constituting a quorum and regulations as to voting, and the manner of notification of the meeting, which shall comply with Code Section 7-1-6, except that, if the credit union maintains an office and the board of directors so determines, notice of the annual meeting or of any special meeting may be given by posting such notice in a conspicuous place in the office of the credit union at least ten days prior to such meeting;

(B) The number of directors, not less than five, all of whom must be members, and their powers and duties, together with the duties of the officers elected by the board of directors;

(C) The qualifications for membership of those coming within the defined common bond as required by this article;

(D) The conditions under which shares may be issued, paid for, transferred, and withdrawn; deposits received and withdrawn; loans made and repaid; and funds otherwise invested; and

(E) The charges which shall be made, if any, for failure to meet obligations punctually; whether or not the credit union shall have the power to borrow; the method of receipting for money; the manner of accumulating a reserve; the manner of determining and paying interest and dividends; and such other matters consistent with this article as may be requisite to the organization and operation of the proposed credit union;

(3) Pay such fee as shall be established by regulation of the department to defray the cost of the investigation required by Code Section 7-1-632, provided that the department shall not be required to set such fee if in its judgment the fee would discourage the organization of credit unions under this article; and

(4) Select at least five qualified persons who agree to serve on the board of directors. A signed agreement to serve in these capacities until the first annual meeting or until the election of their successors, whichever is later, shall be executed by those who so agree and filed with the department along with the proposed bylaws.

Saturday May 23 23:55 EDT


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