Georgia § 7-1-653 Expulsions and withdrawals; disposition of deposits, interest, shares, or dividends; reinstatement

Georgia Statutes

§ 7-1-653 — Expulsions and withdrawals; disposition of deposits, interest, shares, or dividends; reinstatement

Georgia § 7-1-653

Title7

This text of Georgia § 7-1-653 (Expulsions and withdrawals; disposition of deposits, interest, shares, or dividends; reinstatement) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 7-1-653 (2026).

Text

(a)At any regular or called meeting of the members, by a two-thirds' vote of those present, the members may expel from the credit union any member thereof. A member may withdraw from a credit union and a nonmember may withdraw deposits as provided in this Code section by filing a written notice of such intention. All deposits of an expelled or withdrawing member or nonmember with any interest accrued shall be paid to such member or nonmember, subject to 60 days' notice, after deducting any amounts due to the credit union by such member or nonmember. A credit union, upon the resignation or expulsion of a member, shall cancel the share, deposits, or dividends or interest due thereon and may apply the withdrawal value of such funds toward the liquidation of such member's indebtedness. Said e

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(a) At any regular or called meeting of the members, by a two-thirds' vote of those present, the members may expel from the credit union any member thereof. A member may withdraw from a credit union and a nonmember may withdraw deposits as provided in this Code section by filing a written notice of such intention. All deposits of an expelled or withdrawing member or nonmember with any interest accrued shall be paid to such member or nonmember, subject to 60 days' notice, after deducting any amounts due to the credit union by such member or nonmember. A credit union, upon the resignation or expulsion of a member, shall cancel the share, deposits, or dividends or interest due thereon and may apply the withdrawal value of such funds toward the liquidation of such member's indebtedness. Said expelled or withdrawing member or nonmember shall have no further right in said credit union or to any of its benefits, but such expulsion or withdrawal shall not operate to relieve said member or nonmember from any remaining liability to the credit union. (b) A member may be expelled for reasons defined in the bylaws by a two-thirds' vote of the board of directors. An expelled member may obtain reinstatement by an affirmative vote of the majority of the members voting at the next annual meeting of the credit union. (c) (1) 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: (A) Nonparticipation by a member in the affairs of the credit union. Such policy shall require the board to consider a member's failure to maintain deposits, shares, or loans with the credit union; (B) Activity inconsistent with the safe and sound operation of the credit union, which may include, but shall not be limited to: (i) Causing a financial loss to the credit union; (ii) Disrupting the operations of the credit union; (iii) Committing fraud, attempted fraud, or other illegal behavior; (iv) Engaging in inappropriate behavior; and (v) Violating the membership agreement of the credit union. (2) 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.

Legislative History

Amended by 2021 Ga. Laws 174,§ 31, eff. 7/1/2021. Amended by 2019 Ga. Laws 270,§ 22, eff. 7/1/2019. Amended by 2010 Ga. Laws 624,§ 7, eff. 6/3/2010. Amended by 2005 Ga. Laws 160,§ 18, eff. 5/5/2005.