Rules and Regulations of the State of Georgia
 

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  • 1. In the address bar, type about:config and press Enter.
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  • 3. In the search box, search for javascript.enabled
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  1. On web browser menu click "Tools" and select "Internet Options"
  2. In the "Internet Options" window select the "Security" tab.
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  8. Click on the "Refresh" button of the web browser to refresh the page.
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  • 1. a) Click on "Menu", hover mouse on the "Settings" then hover mouse on the "Quick preferences" and mark the "Enable Javascript" checkbox.
  • 1. b) If "Menu bar" is shown click on the "Tools", hover mouse on the "Quick preferences" and mark the "Enable Javascript" checkbox.
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<xmp>.</xmp> <form name="form1" method="post" action="80-2-9?urlRedirected=yes&amp;data=admin&amp;lookingfor=80-2-9" id="form1"> <input type="hidden" name="__VIEWSTATE" id="__VIEWSTATE" value="/wEPDwUKLTY5ODkwOTM2Nw8WAh4Ec3BhbQIKFgJmD2QWAgIFDw8WAh4EVGV4dAUFOCArIDJkZGSP5H1uYu1GUo9tw59o1adaJxG6AQ==" /> <input type="hidden" name="__VIEWSTATEGENERATOR" id="__VIEWSTATEGENERATOR" value="EEBB6393" /> <input type="hidden" name="__EVENTVALIDATION" id="__EVENTVALIDATION" value="/wEWCALT2K6ACQLniKOhBALV5cpNAoa5iIEFAoznisYGAsrv5u0MAsrv4u0MAsrv3u0MDbxmrkOKcZ9oDkNUyVnSSMqHs+I=" /> <div class='popup'> <div class='cnt223'> <div style="margin-bottom:6px;"> <img alt="Rules and Regulations of the State of Georgia" src="/images/new.gif"/> </div> <div class="header"> Terms and Conditions of Agreement for Access to Rules and Regulations of the State of Georgia Website </div> <div class="scroll"> <p>(Note: certain features of this site have been disabled for the general public to prevent digital piracy. If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree that you will not copy, print, or download anything from this website for any commercial use. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website.</p> <p> You agree that you will not sell, will not license, and will not otherwise make available in exchange for anything of value, anything that you download, print, or copy from this site.</p> <p> You agree that you will not copy, print, or download any portion of the regulations posted on this site exceeding a single chapter of regulations for sale, license, or other transfer to a third party, except that you may quote a reasonable portion of the regulations in the course of rendering professional advice.</p> <p> If you violate this agreement, or if you access or use this website in violation of this agreement, you agree that Lawriter will suffer damages of at least $20,000. </p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." 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If you are an entitled government entity pursuant the Georgia Administrative Procedures Act, <a target="_new" href="http://links.casemakerlegal.com/states/GA/books/Code_of_Georgia/browse?ci=25id=gasos&amp;codesec=50-13-7&amp;title=50&amp;#50-13-7(d)">O.C.G.A.§ 50-13-7(d)</a> contact the State of Georgia's Administrative Procedures Division at 678-364-3785 to enable these features for your location.)</p> <p>To access this website, you must agree to the following: </p> <p> These terms of use are a contract between you and/or your employer (if any), and Lawriter, LLC. </p> <p> You agree not to use any web crawler, scraper, or other robot or automated program or device to obtain data from the website. </p> <p> You agree that you will not sell or license anything that you download, print, or copy from this website.</p> <p> THIS WEBSITE AND ITS CONTENT ARE PROVIDED "AS IS." 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charset=UTF-16"> </HEAD> <div id="infobar"><a href="javascript:;" accesskey="r" Name="Route" title="Route" class="quickkey"><em class="mnemonic">R</em>oute </a>:<div class="searchtips" style="float:right;margin-right:10px;color: rgb(47, 79, 79);"> <a style="text-decoration:none;color: rgb(47, 79, 79);" title="search tips" name="searchtip" href="../help.aspx#searching" target="_blank"><em class="mnemonic">S</em>earch tips</a></div><ul class="breadcrumb"> <li><a href="/GAC" name="GAC" title="GAC">GA R&amp;R</a></li> <li>&raquo; <a href="/GAC/80" title="80">Department 80</a></li> <li>&raquo; <a href="/GAC/80-2" title="80-2">Chapter 80-2</a></li> <li>&raquo; Subject 80-2-9</li> </ul> </div> </div><div id="doc" class="container"> <div id="doc-content" class="content"> <h1><nllsubject>Subject 80-2-9 INVESTMENT SECURITIES</nllsubject></h1> <h2><a href="/GAC/80-2-9-.01" name="80-2-9-.01" title="80-2-9-.01">Rule 80-2-9-.01 Investment Securities</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Subject to such further restrictions and limitations as its board of directors may set forth in this investment policy, a credit union may purchase, sell and hold securities: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Without limitation if such securities are: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(a)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> The general obligations of the United States Government or any agency or instrumentality thereof;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(a)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Guaranteed as to principal and interest by the United States Government or any agency or instrumentality thereof; or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(a)3.">3.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Separate Trading of Registered Interest and Principal of Securities which are offered exclusively in book entry form, are direct obligations of the United States, and are issued under Chapter 31, Title 13 USC.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Up to twenty-five (25) percent of the shares and deposits of the credit union if the securities are the general obligations of the State of Georgia or any of its counties, school districts, or municipalities;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)">(c)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Up to fifteen (15) percent of the retained earnings of the credit union if the securities are: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> General and direct obligations of any state other than Georgia or counties, municipalities, or other political subdivisions of such states authorized to levy taxes;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Secured by the pledge or assignment of tax receipts sufficient to pay the principal and interest of such securities as they become due;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)3.">3.</a></td> <td valign="top" style="text-align:left" class="leftalign"> The revenue obligations of a political subdivision authorized to establish utility fees, public transportation usage fees, or public use fees where such levies or fees are pledged to and are sufficient to pay the principal and interest of the securities as they become due; and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.">4.</a></td> <td valign="top" style="text-align:left" class="leftalign"> The securities are the securities of, or other interests in, any open-end or closed-end management type investment fund or investment trust which: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(i)">(i)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Is registered under the Investment Company Act of 1940,</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(ii)">(ii)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Expressly requires that any changes in the investment objectives, fundamental operating policies, and limitations of the fund or trust must receive prior approval by a majority of the shareholders authorized to vote on such matters,</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iii)">(iii)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Limits the investment portfolio of such investment fund or investment trust to: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iii)(I)">(I)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Obligations otherwise authorized under subparagraphs (1)(a)1., (1)(a)2., and (1)(a)3. of this Rule;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iii)(II)">(II)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Commercial paper and repurchase agreements, which are fully collateralized by securities authorized in subparagraph (1)(a)1., (1)(a)2., and (1)(a)3. of this Rule, and where the fund or trust takes delivery of such collateral either directly or through an authorized custodian; or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iii)(III)">(III)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Certificates of deposit issued by financial institutions insured by an instrumentality of the United States government, and;</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iv)">(iv)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Does not: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iv)(I)">(I)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Except to the extent authorized in subparagraph (1)(a)3. of this Rule, acquire investments in the form of stripped or detached interest obligations associated with any security which otherwise constitutes a permissible investment under the provisions of this Rule;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iv)(II)">(II)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Engage in the purchase or sale of interest rate futures contracts;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iv)(III)">(III)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Purchase securities on margin, make short sales of securities or maintain a short position; or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)4.(iv)(IV)">(IV)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Otherwise engage in futures, forwards or options transactions, except, however, that forward commitments may be entered into for the express purpose of acquiring securities on a when-issued basis.</td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)5.">5.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Bankers Acceptances and Subordinated Securities issued by financial institutions domiciled in Georgia; or by financial institutions affiliated with a financial institution domiciled in Georgia;</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)6.">6.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Commercial paper issued by corporations domiciled within the United States which is rated in the highest rating category by a nationally recognized rating service; or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)7.">7.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Such other securities as the Department may approve and subject to such limitations as the Department may specify upon a finding that the securities are marketable under ordinary circumstances, with reasonable promptness, at a fair value. Securities issued by political subdivisions which are rated in the three highest rating categories by a nationally recognized rating service shall be deemed approved for investment up to fifteen (15) percent of the credit union's retained earnings.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)8.">8.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Credit unions may invest in such other investment securities as may be authorized for federally chartered credit unions subject to the prior approval of the Department.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(c)9.">9.</a></td> <td valign="top" style="text-align:left" class="leftalign"> In the case of a central credit union, the Department may approve investments of the type described in subparagraph (1)(c) of this rule which may exceed the fifteen (15) percent limitation. Prior approval is required, and may be subject to certain conditions of approval.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(d)">(d)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Aggregate limitations for all investments pursuant to subparagraph (1)(c)4. of this Rule shall not exceed: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(d)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Thirty (30) percent of the credit union's retained earnings per fund/trust family or sponsor, and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(d)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Sixty (60) percent of the credit union's retained earnings; however, an additional aggregate limitation of one-hundred-twenty (120) percent of the credit union's retained earnings shall be allowed if the funds or trusts: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(d)2.(i)">(i)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Are managed so as to maintain the fund or trust shares at a constant net asset value,</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(d)2.(ii)">(ii)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Are no-load, and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(1)(d)2.(iii)">(iii)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Are rated in the highest rating category by either Moody's Investors Service or Standard and Poor's Corporation.</td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> In lieu of the limitation on investments issued by any single obligor as set forth in subparagraph (1)(c) of this Rule, credit unions having shares and deposits of $ 1,000,000 or less, may elect to purchase such obligations which in the aggregate do not exceed ten (10) percent of the credit union's shares and deposits provided the obligations of any single issuer do not exceed the greater of $ 10,000 or one (1) percent of the credit union's shares and deposits.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> With the exception of revenue obligations listed in subparagraph (1)(c)3. of this Rule, where the repayment of revenue obligations is dependent upon rentals or other fees payable to a political subdivision by a non-governmental unit, the obligor for the purpose of applying legal limitations shall be the non-governmental unit responsible for the payment of such rentals or other fees and any guarantor of such payments.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(4)">(4)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Asset backed securities repayable in both interest and principal which are issued under: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(4)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Governmentally sponsored programs which are fully collateralized by obligations fully guaranteed as to principal and interest by a governmental entity may be purchased to the same extent as direct obligations of the governmental entity granting the guarantee; and</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(4)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Private programs which are fully collateralized by obligations fully guaranteed as to principal and interest by a governmental entity may be purchased to the same extent as direct obligations of the governmental entity granting the guarantee.</td> </tr> </table> </td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(5)">(5)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Except for those investments specifically authorized in subparagraph (1)(a)3. of this Rule, futures, forwards, option contracts, interest rate swaps, and direct and indirect investments associated with any security which otherwise constitutes a permissible investment under provisions of this Rule may be approved in writing by the Department for credit unions demonstrating technical expertise and policies sufficient to promote safe and sound use of such investments as part of prudent investment strategies.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(6)">(6)</a></td> <td valign="top" style="text-align:left" class="leftalign"> In the event a credit union's investment in securities no longer conforms to this Rule but conformed when the investment was originally made, the credit union shall provide written notification to the Department regarding the nonconforming investment within 30 days of discovering the nonconforming investment or 120 days of the investment becoming nonconforming, whichever event occurs first. In the event a credit union wishes to hold the nonconforming investment, the credit union must submit a letter form application to the Department describing the efforts the credit union will undertake to bring the nonconforming investment into conformity and the anticipated time it will take to bring the investment into conformity. Upon review of the application, the Department may request additional information if it determines such additional information is necessary in order to fully and completely evaluate the application. After completion of its review, the Department shall either approve, conditionally or otherwise, or deny such application in writing</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.01(7)">(7)</a></td> <td valign="top" style="text-align:left" class="leftalign"> A credit union may sell a nonconforming investment without Department authorization but only if it provides the Department with written notice no later than five (5) business days after the sale.</td> </tr> </table> <h2><a href="/GAC/80-2-9-.02" name="80-2-9-.02" title="80-2-9-.02">Rule 80-2-9-.02 Accounting and Record Keeping</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.02(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Securities transactions shall be accounted for in accordance with paragraph 1 of Rule <a title="80-2-1-.01" href="80-2-1-.01">80-2-1-.01</a> .</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.02(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Credit Unions shall maintain documentation sufficient to identify adequately the nature of all securities owned. For all securities other than direct investments in government bonds, notes, or debentures, documentation may include annual reports, offering circulars, credit analyses published by nationally recognized rating firms, or in-house analyses, reflecting an evaluation of the degree of risk in regard to liquidity, marketability, and price volatility.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.02(3)">(3)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Investments in the form of "Zero Coupon" obligations shall be recorded at cost plus accretion to maturity over the life of the obligations. Legal limitations applicable to such securities shall be measured against the actual cost of the security. Provided, however, to the extent that the cash investment plus accretions of income earned, but not collected, exceed the legal limitation on any zero coupon security, such amount shall be set aside into a capital reserve and excluded in considering capital adequacy.</td> </tr> </table> <h2><a href="/GAC/80-2-9-.03" name="80-2-9-.03" title="80-2-9-.03">Rule 80-2-9-.03 Custody and Safekeeping</a></h2> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.03(1)">(1)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Securities may be held in physical or book entry form.</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.03(2)">(2)</a></td> <td valign="top" style="text-align:left" class="leftalign"> Physical possession of securities shall be maintained: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.03(2)(a)">(a)</a></td> <td valign="top" style="text-align:left" class="leftalign"> In the vault of the investing credit union, or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.03(2)(b)">(b)</a></td> <td valign="top" style="text-align:left" class="leftalign"> In safekeeping at any: <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.03(2)(b)1.">1.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Federally-insured correspondent bank, credit union or trust company,</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.03(2)(b)2.">2.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Federal Reserve or Federal Home Loan Bank,</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.03(2)(b)3.">3.</a></td> <td valign="top" style="text-align:left" class="leftalign"> Broker-dealer insured under the Securities Investors Protection Act provided the market value of such securities does not exceed $500,000, or</td> </tr> </table> <table border="0" width="100%" cellspacing="4" cellpadding="4"> <tr> <td valign="top" width="1%" style="white-space:nowrap;text-align:left;width:18px;"><a style="white-space:nowrap;" name="80-2-9-.03(2)(b)4.">4.</a></td> <td valign="top" style="text-align:left" class="leftalign"> As otherwise specifically approved by the Department.</td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </div> </div> </HTML> </div> <div id="toc" class="sidebar noprint"> <ul id="toc-children" class="children"><li><a href="/GAC/80-2-9-.01" name="80-2-9-.01" title="80-2-9-.01">Rule 80-2-9-.01 Investment Securities</a></li><li><a href="/GAC/80-2-9-.02" name="80-2-9-.02" title="80-2-9-.02">Rule 80-2-9-.02 Accounting and Record Keeping</a></li><li><a href="/GAC/80-2-9-.03" name="80-2-9-.03" title="80-2-9-.03">Rule 80-2-9-.03 Custody and Safekeeping</a></li></ul> </div> </div> <!--content ends here--> <div id="footer" class="noprint"><span class="footer">Copyright &copy; 2019 Lawriter LLC - All rights reserved.</span>| <a href="mailto:support@casemakerlegal.com?subject=Rules and Regulations of the State of Georgia">Email Us</a> | 844-838-0769 | <a href="http://livechat.casemakerlegal.com/client.php?locale=en" target="_blank" onclick="if(navigator.userAgent.toLowerCase().indexOf('opera') != -1 && window.event.preventDefault)window.event.preventDefault();this.newWindow = window.open('http://livechat.casemakerlegal.com/client.php?locale=en&url='+escape(document.location.href)+'&referrer='+escape(document.referrer), 'webim','toolbar=0,scrollbars=0,location=0,status=1,menubar=0,width=640,height=480,resizable=1');this.newWindow.focus();this.newWindow.opener=window;return false;">Live Chat</a> </div> </div> </body> </html>