Amendment of Articles and Bylaws; Fee for Investigation; Approval or Denial by Department

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Credit Unions
  6. General Provisions; Organization
  7. Amendment of Articles and Bylaws; Fee for Investigation; Approval or Denial by Department

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  1. Amendments to the bylaws of a credit union may be adopted and amendments of the articles may be requested by the affirmative vote of two-thirds of the authorized number of members of the board of directors at any duly held meeting thereof if the members of the board have been given prior written notice of said meeting and the notice has contained a copy of the proposed amendment or amendments. No amendment of the bylaws or of the articles shall become effective until approved in writing by the department.
  2. Every proposed amendment of the articles shall be filed with the department together with the fee specified in Code Section 7-1-862. Proposed amendments of the bylaws shall be filed with the department.
  3. The credit union may amend its bylaws to change its field of membership by adding additional groups of persons subject to the following conditions:
    1. Each new group must have a common bond that meets one of the descriptions in subsection (b) of Code Section 7-1-630; and
    2. The credit union must pay such fee as may be established by the department to defray the cost of investigation.
  4. The department shall grant or deny approval of a complete and accepted application to amend the bylaws within 90 days, subject to safety and soundness and other criteria established by the department for these applications.
  5. The department shall maintain a permanent record of any approved amendment to the bylaws of a credit union which changes the field of membership proposed in the original articles or as subsequently amended.

(Ga. L. 1925, p. 165, §§ 6, 11; Code 1933, §§ 25-104, 25-121; Ga. L. 1967, p. 595, § 3; Code 1933, § 41A-3005, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1976, p. 1681, § 2; Ga. L. 1983, p. 602, § 18; Ga. L. 1989, p. 1257, § 21; Ga. L. 1995, p. 673, § 25; Ga. L. 2005, p. 826, § 14/SB 82; Ga. L. 2015, p. 344, § 17/HB 184.)

OPINIONS OF THE ATTORNEY GENERAL

Department may not disapprove bylaws which fully comply with O.C.G.A.

§ 7-1-630 et seq. - Superintendent (now commissioner) may not disapprove a bylaw which fully complies with the law or credit unions; the superintendent may only disapprove those bylaws which do not conform to the law. 1972 Op. Att'y Gen. No. 72-109.

RESEARCH REFERENCES

Am. Jur. 2d.

- 18 Am. Jur. 2d, Corporations, §§ 90, 164, 165.

C.J.S.

- 12 C.J.S., Building and Loan Associations, Savings and Loan Associations, and Credit Unions, §§ 20, 24.


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