---
title: O.C.G.A. § 46-3-176. Obligations issued to secure payment of federal loans as constituting securities; exemption of obligations and membership certificates from Georgia securities laws.
collection: code
id: 46-3-176
cite_as: O.C.G.A. § 46-3-176 (2025)
canonical_url: https://georgiacommons.org/code/46-3-176
md_url: https://georgiacommons.org/code/46-3-176.md
text_url: https://georgiacommons.org/code/46-3-176/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t46-(v34)-2025-pdf.pdf?sfvrsn=48adb3c4_0#page=248
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/46-3.md
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next: https://georgiacommons.org/code/46-3-177.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Session of the General Assembly of Georgia
heading_path: PUBLIC UTILITIES AND PUBLIC TRANSPORTATION / ELECTRICAL SERVICE / ELECTRIC MEMBERSHIP CORPORATIONS AND FOREIGN ELECTRIC COOPERATIVES / GENERAL PROVISIONS
---

# O.C.G.A. § 46-3-176. Obligations issued to secure payment of federal loans as constituting securities; exemption of obligations and membership certificates from Georgia securities laws.

Whenever any electric membership corporation shall have borrowed money from any federal agency, the obligations issued to secure the payment of such money shall be and are classified as securities, the inherent qualities of which assure their sale and disposition without the perpetuation of fraud and which, together with membership certificates issued by any such electric membership corporation, shall not be subject to the Georgia securities laws.

## History

Ga. L. 1937, p. 644, § 20; Code 1933, § 34C-1801, enacted by Ga. L. 1981, p. 1587, § 1.