---
title: O.C.G.A. § 7-1-630. Subscribers; articles; filings; fee; application for certificate of incorporation; directors.
collection: code
id: 7-1-630
cite_as: O.C.G.A. § 7-1-630 (2025)
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date: 2025
status: active
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version: the only printed version
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current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: BANKING AND FINANCE / FINANCIAL INSTITUTIONS / CREDIT UNIONS / GENERAL PROVISIONS; ORGANIZATION
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---

# O.C.G.A. § 7-1-630. Subscribers; articles; filings; fee; application for certificate of incorporation; directors.

(a) Any number of persons, not less than eight, having a common bond, as defined in subsection (b) of this Code section, may incorporate for the purpose of organizing a credit union in accordance with this article. The persons so desiring to become incorporated shall execute articles which shall set forth the following:

(1) The name of the proposed credit union;

(2) The territory in which it will operate;

(3) The location where its initial registered office will be located;

(4) The names and counties of residence of the subscribers, their occupation, length of service, and that each has subscribed to one share and paid for same;

(5) The names and counties of residence of the original directors;

(6) The proposed field of membership specified in detail and having the same common bond as the subscribers;

(7) That the purpose and nature of the business are to conduct a credit union with the rights and powers granted by this article; and

(8) The term of the existence of the credit union, which shall be perpetual unless otherwise limited.

(b) For purposes of this article, “common bond” means that specific relationship of occupation, association, or interest; residence or employment within a well-defined neighborhood, community, or rural district; employees of a common employer; or members of a bona fide cooperative, educational, fraternal, professional, religious, rural, or similar organization which tends to create a mutual interest between persons sharing the relationship. Persons related by blood, adoption, or marriage to or living in the same household with a person within such common bond and the surviving spouses of deceased members shall also be considered within the common bond.

(c) The subscribers shall file the articles with the department together with the fee specified in Code Section 7-1-862. Such filing shall constitute an application for a certificate of incorporation. Immediately upon the filing of the articles, the department shall certify a copy of the articles and return it to the subscribers, who shall, in conformity with Code Section 7-1-7 and no later than the next business day following the filing of the articles, transmit for publication a copy of the articles or, in lieu thereof, a statement in substantially the following form:

‘An application for a certificate of incorporation of

a (bank, trust company, or bank and trust

company) to be known as the and to be

located at in County, Georgia, will be made

to the Secretary of State of Georgia by (names and addresses

counties of residence of incorporators) in accordance with

Chapter 1 of Title 7 of the Official Code of Georgia Anno-

tated, the “Financial Institutions Code of Georgia”. A copy of

the articles of incorporation of such proposed (bank, trust

company, or bank and trust company) and the application

have been filed with the Department of Banking and Fi-

nance. The following persons have been proposed as the

initial directors: (names and addresses counties of residence

of proposed directors).

to the newspaper which is the official organ of the county where the main office will be located. The articles or statement must be published once a week for two consecutive weeks with the first publication occurring within ten days of receipt by the newspaper of the articles or statement

(d) The subscriber shall file with the department a certificate from the Secretary of State attesting that the name of the proposed credit union has been reserved as authorized by Code Section 7-1-131.

(e) The subscriber shall file with the department a copy of the proposed bylaws setting forth the following:

(1) The date of the annual meeting, the manner of conducting the same, the number of members constituting a quorum and regulations as to voting, and the manner of notification of the meeting, which shall comply with Code Section 7-1-6;

(2) The number of directors, which shall be not less than five nor more than 25, all of whom shall be members, and their powers and duties, together with the duties of the executive officers elected by the board of directors;

(3) The qualifications for membership of those coming within the initial common bond as required by this article;

(4) The conditions under which deposits are received and withdrawn; and

(5) The charges which shall be made, if any, for failure to meet obligations punctually; whether or not the credit union shall have the power to borrow; and such other matters consistent with this article as may be requisite to the organization and operation of the proposed credit union.

(f) The subscriber shall pay such fee as shall be established by regulation of the department to defray the cost of the investigation required by Code Section 7-1-632, provided that the department shall not be required to set such fee if in its judgment the fee would discourage the organization of credit unions under this article.

(g) The subscriber shall select at least five qualified persons who agree to serve on the board of directors. A signed agreement to serve in these capacities until the first annual meeting or until the election of their successors, whichever is later, shall be executed by those who so agree and filed with the department along with the proposed bylaws.

(h) For the purposes of this article, the term “executive officer” means an individual who performs significant managerial, supervisory, or policy-making functions on behalf of a credit union, including, but not limited to, the chief executive officer, president, chief financial officer, chief operating officer, and other individuals who perform such functions.

## History

Ga. L. 1925, p. 165, § 1; Code 1933, § 25-101; Code 1933, § 41A-3001, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1244, § 1; Ga. L. 1989, p. 1257, § 19; Ga. L. 2005, p. 826, § 11/SB 82; Ga. L. 2015, p. 344, § 16/HB 184; Ga. L. 2016, p. 390, § 3-1/HB 811; Ga. L. 2017, p. 193, § 16/HB 143; Ga. L. 2019, p. 828, § 18/HB 185; Ga. L. 2024, p. 354, § 1-10/HB 876, effective July 1, 2024; Ga. L. 2024, p. 1052, § 1(a)(19)/SB 448, effective July 1, 2024; Ga. L. 2025, p. 590, § 4/HB 15, effective July 1, 2025.

## Amendments

The 2025 amendment, effective July 1, 2025, substituted “counties of residence” for “address” in paragraphs (a)(4) and (a)(5) and rewrote subsection (c).