Ga. Bill Modernizes Act; Addresses Conversions

Georgia Gov. Sonny Perdue has signed Senate Bill 82, which modernizes the state's Credit Union Act for the first time since 1974. Credit union officials and representatives of the Georgia Credit Union Affiliates were at the signing event at the State Capitol. Among other things, the bill's provisions clarify that an existing FOM can be composed of multiple groups, including communities, associations and occupational groups; distinguish that the requirements for organizing a new CU differ from procedures for amending the bylaws of an existing credit union; establish that a member can be expelled by a two-thirds vote of the board for reasons defined in the bylaws; and require a majority vote of the CU board to allow conversion and a two-thirds vote of membership at a called meeting.