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

The official document including principles and laws governing the activities of 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.

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