GA SB437

Adds new Chapter 12 to Title 14 of the Georgia Code, establishing the "Georgia Cooperative Associations Code" to govern the formation, governance, and dissolution of general cooperative associations in the state

Requires cooperative associations to be managed by a board of at least 5 directors elected from the membership, with each member receiving one vote and no proxy voting permitted

Establishes filing fees with the Secretary of State, including $100 for a certificate of formation, $225 for a certificate of authority (foreign associations), $30 for annual registration, and $250 for reinstatement applications

Excludes from coverage cooperatives operating in coin-operated amusement machines, alcoholic beverages (Title 3), cannabis or low THC oil businesses, and state or federally chartered credit unions

Caps total investment dividends at 50% of net savings per fiscal year and requires remaining net savings to be distributed to patrons in proportion to individual patronage, with optional allocations to educational funds, member welfare, and retained earnings