---
title: O.C.G.A. § 14-2-902. Definition and election of statutory close corporation status.
collection: code
id: 14-2-902
cite_as: O.C.G.A. § 14-2-902 (2025)
canonical_url: https://georgiacommons.org/code/14-2-902
md_url: https://georgiacommons.org/code/14-2-902.md
text_url: https://georgiacommons.org/code/14-2-902/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t14-(v12)-2017-pdf.pdf?sfvrsn=507372ea_0#page=315
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
up: https://georgiacommons.org/code/14-2.md
previous: https://georgiacommons.org/code/14-2-901.md
next: https://georgiacommons.org/code/14-2-910.md
index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS / BUSINESS CORPORATIONS / CLOSE CORPORATIONS / CREATION
---

# O.C.G.A. § 14-2-902. Definition and election of statutory close corporation status.

(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.

## History

Code 1981, § 14-2-902, enacted by Ga. L. 1988, p. 1070, § 1.