Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 2. BUSINESS CORPORATIONS · Article 9. CLOSE CORPORATIONS · Part 1. CREATION

14-2-902. Definition and election of statutory close corporation status.

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

(a)
A statutory close corporation is a corporation whose articles of incorporation contain a statement that the corporation is a statutory close corporation.#
(b)
A corporation having 50 or fewer shareholders may become a statutory close corporation by amending its articles of incorporation to include the statement required by subsection (a) of this Code section. The amendment must be approved by the holders of at least two-thirds of the votes of each class or series of shares of the corporation, voting as separate voting groups, whether or not otherwise entitled to vote on amendments. If the amendment is adopted, a shareholder who voted against the amendment is entitled to assert dissenters’ rights under Article 13 of this chapter.#

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, § 14-2-902, 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 315; merge action: carried; file SHA-256 f2fad2b71b39.

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