Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 3. CREDIT UNIONS · Part 2. CREDIT UNION CONSERVATORS

7-1-644. Bond.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
If the department appoints a conservator other than a public body of the United States that insures the shares of a credit union, an employee of the department, or the department itself, the conservator and any assistants shall provide a bond, payable to the credit union and executed by a surety company authorized to do business in this state.#
(b)
The amount of such bond shall be approved by the department and be in an amount to ensure the faithful discharge of duties in connection with the conservatorship and take into account the amount of money under the control of the conservator.#
(c)
The cost of such bond shall be paid from the assets of the credit union.#
(d)
Any person injured by a breach of the conditions on such bond has a right to bring a civil remedy in order to seek to collect on such bond.#
(e)
A bond of a credit union shall be deemed satisfactory if the department determines it covers a conservator and any assistants.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 7-1-644, enacted by Ga. L. 2015, p. 344, § 19/HB 184.

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, pages 360 to 361; merge action: carried; file SHA-256 5c69f28428d8.

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