Organizational Meeting of Directors; Commencing of Business

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Credit Unions
  6. General Provisions; Organization
  7. Organizational Meeting of Directors; Commencing of Business

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  1. Within 30 days after receipt of the certificate of incorporation from the Secretary of State, an organizational meeting of the board of directors named in the articles of incorporation shall be held for the purpose of accepting the certificate and bylaws, appointing a credit committee or, in lieu thereof, loan officers and an audit committee, and electing or appointing the officers, as provided in Code Section 7-1-655, who shall serve until the first directors' meeting after the first annual meeting. Notice of the meeting shall be given at least five days prior to the date of the meeting.
  2. When the organization has been completed, the credit union shall notify the department of this fact and may commence business subject to its obtaining deposit insurance as required in Code Section 7-1-666.

(Ga. L. 1925, p. 165, §§ 4, 13; Code 1933, §§ 25-106, 25-113; Ga. L. 1956, p. 742, § 2; Ga. L. 1968, p. 465, § 6; Code 1933, § 41A-3004, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1244, § 3; Ga. L. 2004, p. 458, § 4; Ga. L. 2019, p. 828, § 19/HB 185.)

The 2019 amendment, effective July 1, 2019, substituted "an audit committee" for "a supervisory committee" in the middle of the first sentence of subsection (a).

RESEARCH REFERENCES

Am. Jur. 2d.

- 18 Am. Jur. 2d, Corporations, §§ 45, 47. 18B Am. Jur. 2d, Corporations, § 1056.

C.J.S.

- 18 C.J.S., Corporations, § 66.


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