Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 3. CREDIT UNIONS · Part 3. OPERATION AND REGULATION

7-1-661. Fiscal year; special meetings of members; voting and proxies.

Active

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

The credit union fiscal year shall end at the close of business on December 31, unless the bylaws of the credit union specify a different fiscal year. Unless the articles of incorporation or bylaws provide otherwise, special meetings of the members may be held by order of the chairperson of the board of directors, the president or chief executive officer, or at least 20 percent of the directors in office. In addition, special meetings of the members may be held on written request of 5 percent of the members or such other amount as the articles of incorporation or bylaws shall specify; provided, however, that such articles or bylaws shall not require written request from more than 25 percent of the members for a special meeting to be held. At all meetings a member shall have but one vote. No member may vote by proxy; but a society, association, partnership, or corporation having membership in the credit union may be represented by one person duly authorized by said society, association, partnership, or corporation to represent it. At any meeting the members may decide on any matter of interest to the credit union and may overrule the board of directors, provided that the notice of the meeting shall have stated the question to be considered.

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

Ga. L. 1925, p. 165, § 11; Code 1933, § 25-121; Code 1933, § 41A-3112, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1244, § 12; Ga. L. 2023, p. 651, § 16/HB 55, effective July 1, 2023; Ga. L. 2024, p. 354, § 1-17/HB 876, effective July 1, 2024.

Amendments

The 2023 amendment, effective July 1, 2023, added “, unless the bylaws of the credit union specify a different fiscal year” at the end of the first sentence. The 2024 amendment, effective July 1, 2024, substituted the present provisions of this Code section for the former provisions, which read: “The credit union fiscal year shall end at the close of business on December 31, unless the bylaws of the credit union specify a different fiscal year. Special meetings of the members may be held by order of the directors or on written request of 10 percent of the members. At all meetings a member shall have but one vote. No member may vote by proxy; but a society, association, partnership, or corporation having membership in the credit union may be represented by one person duly authorized by said society, association, partnership, or corporation to represent it. At any meeting the members may decide on any matter of interest to the credit union and may overrule the board of directors, provided the notice of the meeting shall have stated the question to be considered.”.

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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 384 to 385; merge action: carried; file SHA-256 5c69f28428d8.