---
title: O.C.G.A. § 14-2-931. Termination of statutory close corporation status.
collection: code
id: 14-2-931
cite_as: O.C.G.A. § 14-2-931 (2025)
canonical_url: https://georgiacommons.org/code/14-2-931
md_url: https://georgiacommons.org/code/14-2-931.md
text_url: https://georgiacommons.org/code/14-2-931/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=342
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.
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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 / REORGANIZATION AND TERMINATION
---

# O.C.G.A. § 14-2-931. Termination of statutory close corporation status.

(a) A statutory close corporation may terminate its statutory close corporation status by amending its articles of incorporation to delete the statement that it is a statutory close corporation. If the statutory close corporation has elected to operate without a board of directors under Code Section 14-2-922, the amendment must either comply with Code Section 14-2-801 or delete the statement dispensing with the board of directors from its articles of incorporation.

(b) An amendment terminating statutory close corporation status 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 the holders are otherwise entitled to vote on amendments.

(c) If an amendment to terminate statutory close corporation status is adopted, each shareholder who voted against the amendment is entitled to assert dissenters’ rights under Article 13 of this chapter.

## History

Code 1981, § 14-2-931, enacted by Ga. L. 1988, p. 1070, § 1.