Ga. Comp. R. & Regs. R. 80-2-13-.05 - Procedures for Other Transactions, Applications
(1)
Conversion to state-chartered credit union. A meeting with the Department
should precede filing a letter form application, which application should
include all of the information requested in the Applications Manual.
(2) Mergers. The procedure for approval of a
merger involves the filing of a letter application to the Department, which
should include all of the information requested in the Applications
Manual.
(3) Fiduciary Powers. A
full application as detailed in the Applications Manual is required for
exercise of full trust powers. Exercise of limited trust services and a single
trust service requires a letter form application. Request to perform a single
trust service may be expedited. No publication is required.
(4) Creation and Operation of a Subsidiary of
a Credit Union. A credit union can exercise powers incidental to banking and
create a separate subsidiary to effect such powers as may be financial in
nature, incidental or complementary to the provision of financial services,
subject in most cases to certain investment limitations. Most require a letter
form application describing the activity, how it relates to the business of
banking and finance, and what protections will be in place to deal with any
associated risks. An application to create and operate a subsidiary of a credit
union can be expedited if the requirements of Rule 80-2-13-.06 are
satisfied.
(5) Letter form
applications are required for name reservations and permissions set forth in
O.C.G.A. §§
7-1-130,
7-1-131,
7-1-242, and
7-1-243.
Notes
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