Georgia § 7-1-644 - Bond.
Full text of Georgia Official Code of Georgia Annotated § 7-1-644 — Bond., with citation guidance and answers to common questions.
§ 7-1-644. Bond.
If the department appoints a conservator other than a public body of the United States that insures the shares of a credit union, an employee of the department, or the department itself, the conservator and any assistants shall provide a bond, payable to the credit union and executed by a surety company authorized to do business in this state. The amount of such bond shall be approved by the department and be in an amount to ensure the faithful discharge of duties in connection with the conservatorship and take into account the amount of money under the control of the conservator. The cost of such bond shall be paid from the assets of the credit union. Any person injured by a breach of the conditions on such bond has a right to bring a civil remedy in order to seek to collect on such bond. A bond of a credit union shall be deemed satisfactory if the department determines it covers a conservator and any assistants. (Code 1981, § 7-1-644 , enacted by Ga. L. 2015, p. 344, § 19/HB 184.)
Frequently Asked Questions About Georgia § 7-1-644
What does Official Code of Georgia Annotated § 7-1-644 cover?
Section 7-1-644 ("Bond.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 7-1-644?
A common citation format is "Official Code of Georgia Annotated § 7-1-644" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 7-1-644 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.