Rule 80-2-4-.02 - Investment of Credit Union Funds in Fixed Assets; Requirements(1) The aggregate investment by a credit union in fixed assets shall not exceed sixty (60) percent of net worth except that a greater sum may be invested with the prior approval of the Department.(2) In the event a credit union invests in a leasehold in order to occupy the premises for the transaction of its business and the investment does not cause the credit union to exceed the fixed asset limitation set forth in paragraph (1), the credit union shall provide the Department with written notification of the investment.(3) Letter form applications seeking approval to invest in fixed assets in an amount in excess of sixty (60) percent of net worth, must provide for an orderly plan of restoring the fixed asset investment to the sixty (60) percent limitation within not more than five (5) years.(4) Nothing herein shall be construed as permitting a credit union to acquire real estate without the prior approval of the Department or as expressly provided in Rule 80-2-4-.04.Ga. Comp. R. & Regs. R. 80-2-4-.02
O.C.G.A. §§ 7-1-61, 7-1-663.
Original Rule entitled "Investment of Credit Union Funds in Fixed Assets; Letter Form Application and Regular Form Application; Requirements" adopted. F. Oct. 22, 2001; eff. Nov. 11, 2001.Amended: New title "Investment of Credit Union Funds in Fixed Assets; Requirements." F. June 29, 2017; eff. July 19, 2017.Amended: F. July 7, 2023; eff. July 27, 2023.