---
title: O.C.G.A. § 7-1-633. Organizational meeting of directors; commencing of business.
collection: code
id: 7-1-633
cite_as: O.C.G.A. § 7-1-633 (2025)
canonical_url: https://georgiacommons.org/code/7-1-633
md_url: https://georgiacommons.org/code/7-1-633.md
text_url: https://georgiacommons.org/code/7-1-633/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t7-t8-(v5)-2024-pdf.pdf?sfvrsn=6386add7_0#page=353
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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index: https://georgiacommons.org/code/index.md
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. § 7-1-633. Organizational meeting of directors; commencing of business.

(a) Within 30 days after receipt of the certificate of incorporation from the Secretary of State, an organizational meeting of the board of directors named in the articles of incorporation shall be held for the purpose of accepting the certificate and bylaws, appointing an audit committee and a credit committee or, in lieu thereof, loan officers pursuant to Code Section 7-1-658, naming the president, and electing or appointing other executive officers, as provided in Code Section 7-1-655, who shall serve until the first directors’ meeting after the first annual meeting. Notice of the meeting shall be given at least five days prior to the date of the meeting.

(b) When the organization has been completed, the credit union shall notify the department of this fact and may commence business subject to its obtaining deposit insurance as required in Code Section 7-1-666.

## History

Ga. L. 1925, p. 165, §§ 4, 13; Code 1933, §§ 25-106, 25-113; Ga. L. 1956, p. 742, § 2; Ga. L. 1968, p. 465, § 6; Code 1933, § 41A-3004, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1244, § 3; Ga. L. 2004, p. 458, § 4; Ga. L. 2019, p. 828, § 19/HB 185; Ga. L. 2022, p. 220, § 23/HB 891; Ga. L. 2024, p. 354, § 1-11/HB 876, effective July 1, 2024.

## Amendments

The 2022 amendment, effective July 1, 2022, inserted “naming the president,” in the first sentence in subsection (a).

The 2024 amendment, effective July 1, 2024, in the first sentence in subsection (a), inserted “an audit committee and”, substituted “pursuant to Code Section 7-1-658” for “and an audit committee”, and substituted “other executive officers” for “the officers”.