Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 7. BUILDING AND LOAN ASSOCIATIONS AND SAVINGS AND LOAN ASSOCIATIONS

7-1-770. Definitions.

Active

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

As used in this article:
(1)
An association is “local” if the greater portion of its investment in real estate loans is limited to loans on the security of a first lien or security title on real estate. Any such association may purchase real estate loans or interests in real estate loans which are made and owned by any savings and loan association to the extent authorized by the regulations of the department, provided that such regulations shall not permit the purchase of loans or interests in loans of any type or in any amounts (per individual loan or in the aggregate) which are not permitted by law to be purchased by savings and loan associations with principal offices in this state.#
(2)
An association is “mutual” if all depositors in such association participate in the income of such association and if all borrowers are privileged to vote at least one vote at any meeting of members, it being unnecessary that any borrower should subscribe to or purchase any shares or be entitled to participate in any way in the income of such association.#

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. 1937-38, Ex. Sess., p. 307, § 2; Ga. L. 1945, p. 263, § 2; Ga. L. 1965, p. 473, § 1; Code 1933, § 41A-3501, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1981, p. 1366, § 16; Ga. L. 1982, p. 3, § 7; Ga. L. 2016, p. 390, § 7-15/HB 811.

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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 480 to 481; merge action: carried; file SHA-256 5c69f28428d8.

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