Georgia Code
Part 3 - Operation and Regulation
§ 7-1-668. Conversion of State and Federal Credit Unions

(b.1) In addition to the requirements of subsection (b) of this Code section, in the case of a federal credit union converting to a credit union:
(1) The federal credit union shall file with the department:
(2) The department shall conduct such investigation as it deems necessary to ascertain whether:
(A) The articles of conversion and supporting items satisfy the requirements of this chapter;
(B) The plan adequately protects the interests of depositors, other than creditors; and
(C) The requirements for a conversion under all applicable laws have been satisfied and the resulting institution would satisfy the applicable requirements of this chapter; and
(3) Within 90 days after receipt of the articles and all of the filings required by this subsection, the department shall, in its discretion, approve or disapprove the articles on the basis of its investigation and the criteria set forth in this Code section. If the department approves the application, it shall deliver written approval with a copy of the articles attached to the Secretary of State and notify the federal credit union, and any other parties to the plan, of its action, provided that, if approval of any federal agency is required, the department may elect to not act on the application until such federal approval is given. If the department disapproves the application, it shall give written notice to the federal credit union and any other parties to the plan of its disapproval and a statement to them generally of the reasons for its decision.
History. Code 1933, § 41A-3119, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 2005, p. 826, § 24/SB 82; Ga. L. 2015, p. 5, § 7/HB 90; Ga. L. 2015, p. 344, § 25/HB 184; Ga. L. 2017, p. 193, § 21/HB 143; Ga. L. 2021, p. 323, § 34/HB 111.
The 2021 amendment, effective July 1, 2021, added subsection (b.1) and substituted “Upon the issuance of the certificate of conversion by the Secretary of State, in accordance with the requirements in Code Section 7-1-554, and the written approval” for “Upon the written approval” at the beginning of subsection (c).

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