O.C.G.A. § 7-1-651 (2019)
Membership; shares
(a) The membership of the credit union shall consist of the initial subscribers and such other persons within the field of membership as may have subscribed to one share, which has been paid by a person or the credit union, together with the required entrance fee and complied with all other requirements contained in the bylaws. No subscriber or other member shall hold more than one share out of any class of shares. The bylaws may provide for separate classes of shares for borrowers and depositors and for the par value of each share for each class, but in no event shall the par value be less than $1.00. (b) Societies, associations, partnerships, limited liability companies, and corporations composed of persons who are eligible for membership or headquartered within the field of membership may be admitted to membership in the same manner and under the same conditions as such persons. (c) A person or corporation who leaves the field of membership may be permitted to retain his membership in the credit union at the discretion of the board of directors. (d) Customers of a bank that have been acquired by a credit union as a result of a merger or purchase and where the bank will cease to exist, due to a voluntary or involuntary dissolution, shall become members of the credit union upon the effective date of the underlying transaction; provided, however, that nothing herein shall be deemed as permitting a
public body to be a member of a credit union. As used in this subsection, the term “public body” shall have the same meaning as provided in Code Section 45-8-1.
History
Ga. L. 1925, p. 165, §§ 1, 9; Code 1933, §§ 25-101, 25-108; Code 1933, § 41A3102, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1985, p. 823, § 1; Ga. L. 2009, p. 86, § 7/HB 141; Ga. L. 2015, p. 344, § 20/HB 184; Ga. L. 2017, p. 193, § 18/HB 143; Ga.
L. 2019, p. 828, § 21/HB 185; Ga. L. 2024, p. 354, § 1-13/HB 876, effective July 1, 2024. Amendments. The 2024 amendment, effective July 1, 2024, inserted “limited liability companies,” in subsection (b).
Annotations
OPINIONS OF THE ATTORNEY GENERAL Former Code 1933, §§ 25-101, 25-108, and 25-109 (see now O.C.G.A. §§ 7-1-630, 7-1-651, and 7-1-653) indicate that each credit union has complete control over membership,
and that eight persons could form a credit union and limit membership to the original eight incorporators. 1948-49 Ga. Op. Att’y Gen. 434.
RESEARCH REFERENCES Am. Jur. 2d. 10 Am. Jur. 2d, Banks and Financial Institutions, §§ 5 et seq., 189. C.J.S. C.J.S., Building and Loan
Associations, Savings and Loan Associations, and Credit Unions, §§ 59 et seq., 83.
7-1-651.1. In-person annual meetings; requirements for remote options; impact of emergency declaration. (a) Except as provided in subsection (c) of this Code section, the annual meeting of the members shall be held in person. (b) Members may participate and vote remotely at the meetings of the members if the bylaws of the credit union explicitly provide an option for remote participation and voting. If the bylaws so provide, the board of directors shall: (1) Implement reasonable measures to: (A) Provide members a reasonable opportunity to remotely participate in such meetings. Such measures may include, but are not limited to, audio webcast or other broadcast of the meeting but, in every instance, shall provide members the ability to communicate substantially concurrently with the proceedings; (B) Enable members to vote at such meetings by means of electronic communication. Such measures may include, but are not limited to, telephonic or internet voting; and (C) Verify that each person deemed present and permitted to
vote remotely is a member in order to ensure the integrity of the vote; (2) Provide the option for remote participation and voting at no cost to members; and (3) Keep a record of remote attendance by members and any vote or other action taken by a member participating remotely. (c) In the event of a proclaimed emergency pursuant to Code Section 7-1-111, the board of directors may apply to the department for authorization to conduct a meeting of the members solely through remote participation. If such application is approved by the department, the board of directors shall comply with the requirements of subsection (b) of this Code section. History. Code 1981, § 7-1-651.1, enacted by Ga. L. 2021, p. 323, § 30/HB 111; Ga. L. 2022, p. 220, § 25/HB 891. Amendments. The 2022 amendment, effective July 1, 2022, deleted “or grant proxies” follow-
ing “vote” in the first sentence in subparagraph (b)(1)(B).