Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 2. BUSINESS CORPORATIONS · Article 7. SHAREHOLDERS · Part 4. DERIVATIVE PROCEEDINGS

14-2-742. Demand.

Active

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

A shareholder may not commence a derivative proceeding until:
(1)
A written demand has been made upon the corporation to take suitable action; and#
(2)
Ninety days have expired from the date the demand was made unless the shareholder has earlier been notified that the demand has been rejected by the corporation or unless irreparable injury to the corporation would result by waiting for the expiration of the 90 day period.#

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.

History

Code 1981, § 14-2-742, enacted by Ga. L. 1988, p. 1070, § 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 207; merge action: carried; file SHA-256 f2fad2b71b39.

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