Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 3. NONPROFIT CORPORATIONS · Article 7A. DERIVATIVE PROCEEDINGS

14-3-740. “Derivative proceeding” defined.

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

As used in this article, the term“derivative proceeding” means a civil suit in the right of a domestic corporation or, to the extent provided in Code Section 14-3-747, in the right of a foreign corporation.

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, § 14-3-740, 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, rewrote this Code section, which previously read: “As used in this part, the term: “(1) ‘Derivative proceeding’ means a civil suit in the right of a domestic corporation or, to the extent provided in Code Section 14-3-747, in the right of a foreign corporation. “(2) ‘Member’ includes those who are members under Code Section 14-3-140, as well as any person who is entitled to some portion of the corporation’s property upon dissolution, and any person or class of persons specifically designated in the corporation’s bylaws or articles of incorporation as having standing to bring a derivative proceeding.”

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, page 100; merge action: replaced; file SHA-256 b004123363dc.