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the Georgia Code
2006 Georgia Code - 7-2-8
7-2-8. (a) A regular annual premium, not to exceed
one-twelfth of 1 percent of the deposits and shares of the member
financial institution, shall be levied by the directors of the
corporation. Such premium may be raised, lowered, waived, or
refunded, in whole or in part, with prior approval by the
department, in the event that the total funds held by the
corporation justify or require such change. The corporation may
charge its financial institutions variable rate premiums based upon
determination of risk to the fund, provided that such risk rating
is made according to formulas adopted by the directors of the
corporation and approved by the department. (b) In the event of potential impairment of the
corporation´s funds, special assessments may be levied by the
directors of the corporation with the prior approval of the
department, provided that such special assessments shall not
exceed, in the aggregate, 1 percent of the deposits and shares of
each member financial institution. Such special assessments shall
be in the form of loans from the member financial institution to
the corporation. (c)
Membership fees, annual premiums, and special assessments shall be
based upon deposits and shares of member financial institutions as
reported to the department in its most recent call report of
condition and shall be payable within 30 days of the date on which
the corporation notifies its members of any such premium or
assessment. (d) Annual
premiums paid under this Code section shall be charged to the
operating expenses of each member financial institution.
(e) In the event of liquidation of
the corporation, all assets remaining after the payment or
provision for payment of all debts and taxes and expenses of
liquidation, including distributions to former members as provided
for in Code Section 7-2-7, shall be distributed to the then
existing member financial institutions in proportion to their
membership fees paid into the corporation.
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