Georgia Code
Part 3 - Operation and Regulation
§ 7-1-653. Expulsions and Withdrawals; Disposition of Deposits, Interest, Shares, or Dividends; Reinstatement

History. Ga. L. 1925, p. 165, §§ 16, 21; Code 1933, §§ 25-109, 25-110; Code 1933, §§ 41A-3104, 41A-3105, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1244, § 6; Ga. L. 1982, p. 3, § 7; Ga. L. 2005, p. 826, § 18/SB 82; Ga. L. 2010, p. 878, § 7/HB 1387; Ga. L. 2019, p. 828, § 22/HB 185; Ga. L. 2021, p. 323, § 31/HB 111.
The 2019 amendment, effective July 1, 2019, added subsection (c).
The 2021 amendment, effective July 1, 2021, rewrote subsection (c), which read: “In addition to the other powers set forth in this Code section, the board of directors may, by a two-thirds’ vote of the directors, adopt and enforce a policy with respect to expulsion from membership based on nonparticipation by a member in the affairs of the credit union. In establishing its policy, the board of directors should consider a member’s failure to maintain deposits or shares with the credit union and whether the member has a loan with the credit union. If such a policy is adopted, written notice of the policy and the effective date of such policy shall be provided to each member of the credit union not less than 30 days prior to the effective date of such policy. In addition, each new member shall be provided written notice of any such policy prior to or upon applying for membership.

Structure Georgia Code