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Official Code of Georgia Annotated

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

14-3-742. Demand for suitable action by corporation required.

Active

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

  1. (a)

    No derivative proceeding may be commenced until:#

    1. (1)

      A written demand has been made upon the corporation to take suitable action; and#

    2. (2)

      Ninety days have expired from the date the demand was made unless the complainant has earlier been notified that the demand has been rejected by the corporation or unless irreparable injury to the corporation would result by waiting for the expiration of the 90 day period.#

  2. (b)

    In the case of charitable corporations, the complainant shall deliver a copy of the demand to the Attorney General within ten days of making the demand on the 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, § 14-3-742, 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 “In the case of charitable corporations, the complainant” for “In the case of corporations described in subsection (a) of Code Section 14-3-1302, the complainant” in subsection (b).

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 101 to 102; merge action: replaced; file SHA-256 b004123363dc.