Deficiencies of Domestic Society; Notice; Surrender of Charter

  1. Law
  2. Georgia Code
  3. Insurance
  4. Fraternal Benefit Societies
  5. Valuation Standards; Licenses and Renewals; Examinations; Violations; Agents or Representatives
  6. Deficiencies of Domestic Society; Notice; Surrender of Charter

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  1. When the Commissioner upon investigation finds that a domestic society:
    1. Has exceeded its powers;
    2. Has failed to comply with any provision of this chapter;
    3. Is not fulfilling its contracts in good faith;
    4. Has a membership of less than 400 after an existence of one year or more; or
    5. Is conducting business fraudulently or in a manner hazardous to its members, creditors, the public, or the business,

      the Commissioner shall notify the society of such deficiency or deficiencies in the manner and under the procedures provided by Chapter 2 of this title.

  2. A domestic society may surrender its charter under the procedure in Code Section 33-14-25.

(Code 1981, §33-15-105, enacted by Ga. L. 1993, p. 1744, § 1.)


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