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Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 2. BUSINESS CORPORATIONS · Article 9. CLOSE CORPORATIONS · Part 4. REORGANIZATION AND TERMINATION

14-2-932. Effect of termination of statutory close corporation status.

Active

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

  1. (a)

    A corporation that terminates its status as a statutory close corporation is thereafter subject to all provisions of this chapter or, if incorporated under Chapter 7 of this title, known as the ‘‘Georgia Professional Corporation Act,’’ to all provisions of that chapter.#

  2. (b)

    Termination of statutory close corporation status does not affect any right of a shareholder or of the corporation under an agreement, the bylaws, or the articles of incorporation unless this article, this chapter, or another law of this state invalidates the right.#

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, § 14-2-932, enacted by Ga. L. 1988, p. 1070, § 1; Ga. L. 1990, p. 257, § 10.

Read the official page (the state's PDF, opened at the page this text was read from).

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 344; merge action: carried; file SHA-256 f2fad2b71b39.