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Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 3. NONPROFIT CORPORATIONS · Article 13. DISTRIBUTIONS

14-3-1301. Dividends and distributions prohibited.

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

  1. Except as provided in Code Section 14-3-1302 and Article 14 of this chapter, a corporation shall not pay dividends to or make distributions of any part of its assets, income, or profits to its members, directors, or officers.

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, § 14-3-1301, enacted by Ga. L. 1991, p. 465, § 1; Ga. L. 2023, p. 419, § 1-1/SB 148, effective July 1, 2023.

Amendments

The 2023 amendment, effective July 1, 2023, substituted “shall not pay dividends to or make distributions of any part of its assets, income, or profits to its member, directors, or officers” for “shall not make any distributions”.

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)-pdf.pdf, Volume V12, 2017 edition, 2025 supplement, pages 177 to 178; merge action: replaced; file SHA-256 b004123363dc.