Law of Georgia on Non-Bank Depository Institutions : Credit Unions

This document presents the law on non-bank depository institutions, referred to as credit unions, in Georgia. Articles of the law are presented in different chapters that discuss the various aspects related to credit unions.

• Definition of the important terms, purpose and applicability of the law, principles governing the credit unions and their registration procedure;
• Conditions for membership and rights and duties of members of credit unions;
• Management and the various managing bodies of credit union, such as general body, supervisory council, executive board and credit committee;
• External audit and accounting, and conflict of interests;
• Deposits and withdrawal of deposits;
• Loans to credit union members, purpose, timeframe, security and other conditions;
• In case of excess liquidity, the various investments that the credit unions can make;
• Issues related to general reserves that a union must maintain;
• Procedures related to capital and dividends;
• Procedures to obtain a license from the National bank;
• Supervisory rights of the National Bank over credit unions.