Official Code of Georgia Annotated

Title 14. CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS · Chapter 3. NONPROFIT CORPORATIONS · Article 8. DIRECTORS AND OFFICERS · Part 6. CONFLICTING INTEREST TRANSACTIONS

14-3-864. Effect of court approval of transaction.

Active

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

In a case involving a charitable corporation, a transaction that was not the subject of either directors’ action under Code Section 14-3-862 or members’ action under Code Section 14-3-863 is effective for purposes of paragraph (3) of subsection (b) of Code Section 14-3-861 if the transaction is approved by the superior court, in an action in which the Attorney General is joined as a party.

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, § 14-3-864, enacted by Ga. L. 1991, p. 465, § 1; Ga. L. 2023, p. 419, § 1-1/SB 148, effective July 1, 2023; Ga. L. 2024, p. 1052, § 6(4)/SB 448, effective July 1, 2024.

Amendments

The 2023 amendment, effective July 1, 2023, substituted “a charitable corporation” for “a corporation described in paragraph (2) of subsection (a) of Code Section 14-3-1302” at the beginning of this Code section. The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, revised punctuation and inserted “of” following “paragraph (3)” in this Code section.

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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 143; merge action: replaced; file SHA-256 b004123363dc.