There Is a Newer Version
of
the Georgia Code
2006 Georgia Code - 7-2-5
7-2-5. (a) Any financial institution, as defined in
Code Section 7-1-4 or chartered under the laws of the United States
or of any state or territory of the United States, may become a
member of the corporation upon application by its directors,
recommendation of the department, and approval of the directors of
the corporation. (b) Before
making its recommendation, the department shall consider:
(1) The history, financial
condition, and management policies of the applicant;
(2) The economic advisability of
insuring the applicant without undue risk to the fund;
(3) The general character and
fitness of the applicant´s management; and
(4) The convenience and needs of the
members to be served by the applicant. (c) Membership in the corporation may be
terminated upon 30 days´ written notice to the corporation
and after providing evidence satisfactory to the department that
alternate, comparable insurance of deposits has been obtained by
the financial institution. Upon termination of membership, the
financial institution shall be entitled to the refunds set forth in
subsection (d) of Code Section 7-2-7.
Disclaimer: These codes may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
