---
title: O.C.G.A. § 7-1-632. Approval or disapproval by department; certificate of incorporation.
collection: code
id: 7-1-632
cite_as: O.C.G.A. § 7-1-632 (2025)
canonical_url: https://georgiacommons.org/code/7-1-632
md_url: https://georgiacommons.org/code/7-1-632.md
text_url: https://georgiacommons.org/code/7-1-632/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t7-t8-(v5)-pdf.pdf?sfvrsn=12761d5c_0#page=22
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.
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version: the only printed version
in_force: true
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
---

# O.C.G.A. § 7-1-632. Approval or disapproval by department; certificate of incorporation.

(a) The department shall make an appropriate investigation of the articles and bylaws for the purpose of determining:

(1) Whether the articles and bylaws conform to this article;

(2) The general character and qualifications of the subscribers, the proposed directors, and the executive officers and the financial stability and future prospects of the sponsoring company, if any;

(3) The economic advisability of establishing the proposed credit union and such other facts and circumstances bearing on the proposed credit union as in the opinion of the department may be relevant;

(4) That a common bond exists in accordance with Code Section 7-1-630;

(5) That the subscribers and person or corporation sponsoring the credit union are in agreement as to the services, if any, that the sponsor will provide;

(6) Whether the convenience and needs of the public will be served by the proposed credit union; and

(7) Whether the capital structure of the proposed credit union is adequate in relation to the amount and character of the anticipated business of the credit union and the safety of prospective members.

(b) If the department determines to its satisfaction that the proposed credit union meets the criteria set forth above, it shall, within 90 days from receipt of the articles and in compliance with Code Section 7-1-630, send a copy of the articles and written approval of the articles to the Secretary of State after making such changes in the articles or bylaws consistent with this article and with the consent of the subscribers that it deems appropriate; provided, however, that, if the approval of a federal public body is also required with respect to the proposed credit union, then the department may elect to not act on the application until after such approval is given. Such approval shall indicate any changes made to the articles including changes from the proposed field of membership. If the department shall disapprove the articles, the procedures of subsection (b) of Code Section 7-1-635 shall be followed.

(c) Upon receipt of the approval of the department, the Secretary of State shall thereupon issue a certificate attesting to the incorporation of the credit union. The credit union shall, however, confine itself to organizational activities until it receives a permit to do business.

## History

Ga. L. 1925, p. 165, § 3; Code 1933, § 25-103; Code 1933, § 41A-3003, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1983, p. 602, § 17; Ga. L. 1989, p. 1257, § 20; Ga. L. 2005, p. 826, § 13/SB 82; Ga. L. 2025, p. 590, § 5/HB 15, effective July 1, 2025.

## Amendments

The 2025 amendment, effective July 1, 2025, inserted “, the proposed directors, and the executive officers” in paragraph (a)(2), deleted “and” at the end of paragraph (a)(4), substituted a semicolon for a period at the end of paragraph (a)(5), and added paragraphs (a)(6) and (a)(7); and, in subsection (b), added the proviso at the end of first sentence.