Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 11. LIMITED LIABILITY COMPANIES · Article 10. DISSENTERS’ RIGHTS

14-11-1009. Failure to take action.

Active

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
If the limited liability company does not take the proposed action within 60 days after the date set for demanding payment and depositing membership interest certificates, the limited liability company shall return the deposited certificates and release the transfer restrictions imposed on uncertificated membership interests.#
(b)
If, after returning deposited certificates and releasing transfer restrictions, the limited liability company takes the proposed action, it must send a new dissenters’ notice under Code Section 14-11-1005 and repeat the payment demand procedure.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

Code 1981, § 14-11-1009, enacted by Ga. L. 1993, p. 123, § 1.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t14-(v12)-2017-pdf.pdf, Volume V12, 2017 edition, page 1196; merge action: carried; file SHA-256 f2fad2b71b39.