Georgia Code Title 7. Banking and Finance § 7-1-669

(a) As used in this Code section, the term “corporate credit union” means a credit union which is organized to serve a field of membership which consists primarily of other credit unions operating pursuant to this chapter, any other state credit union law, or the Federal Credit Union Act. A corporate credit union may be organized and operated under this chapter and subject to all provisions of this chapter which are not inconsistent with this Code section.

(b) The field of membership of a corporate credit union shall include credit unions organized and operating under this chapter, any other state credit union law, or under the Federal Credit Union Act. In addition, the field of membership may include:

(c) The corporate credit union may make loans to individuals who are members pursuant to paragraph (1) of subsection (b) of this Code section only upon approval of the credit committee of the member credit union of which the individual is a member and to individuals who are members pursuant to paragraph (3) of subsection (b) of this Code section only upon reporting such loan to the appropriate supervisory authority.

(d) The commissioner may, in his or her discretion, approve greater borrowings than provided in this chapter when required to enable the credit union to meet its obligations to its members and otherwise assist its members during any emergency or hardship.

(e) A corporate credit union may:

The department may utilize definitions found in the National Credit Union Administration rules and regulations in interpreting this subsection;

(f) The commissioner may issue such special regulations as he or she may deem prudent or necessary to allow a corporate credit union to promote effectively the liquidity and sound financial management of its member credit unions without unduly endangering its own liquidity and sound financial condition. Such special regulations need not be applicable to all credit unions but may be applicable only to the corporate credit union. The corporate credit union shall maintain adequate allowances for credit losses in accordance with generally accepted accounting principles and such other reserves as may be required by the rules and regulations of the department.

(g) A corporate credit union shall have all the rights and powers of any other credit union organized under this chapter and the additional rights and powers specified in this Code section.