Section 7-2-5. Membership -- Acquisition and termination

   (a) Any financial institution, as defined in Code Section 7-1-4 or chartered under the laws of the United States or of any state or territory of the United States, may become a member of the corporation upon application by its directors, recommendation of the department, and approval of the directors of the corporation.

(b) Before making its recommendation, the department shall consider:

   (1) The history, financial condition, and management policies of the applicant;

   (2) The economic advisability of insuring the applicant without undue risk to the fund;

   (3) The general character and fitness of the applicant's management; and

   (4) The convenience and needs of the members to be served by the applicant.

(c) Membership in the corporation may be terminated upon 30 days' written notice to the corporation and after providing evidence satisfactory to the department that alternate, comparable insurance of deposits has been obtained by the financial institution. Upon termination of membership, the financial institution shall be entitled to the refunds set forth in subsection (d) of Code Section 7-2-7.

Ga. L. 1974, p. 545, § 5; Ga. L. 1984, p. 952, § 4.