30-10-9. Distribution of funds upon dissolution; perpetuities; restraints on alienation; construction of chapter.

Active

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

(a)
Upon the dissolution of any organization administering a community trust, the remaining balance of each trust account shall be distributed to other community trusts. The Attorney General may bring an action in the superior courts for the dissolution of a nonprofit organization or a community trust for the purpose of terminating the trust or merging it with another community trust.#
(b)
Community trusts shall not be subject to or held to be in violation of any principle of law against perpetuities or restraints on alienation, including Article 9 of Chapter 6 of Title 44, the ‘‘Uniform Statutory Rule Against Perpetuities.’’#
(c)
Nothing contained in this chapter shall be construed so as to impair or limit the creation of other forms of trusts or charitable trusts, whether or not similar to community trusts permitted by this chapter.#

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, § 30-10-9, enacted by Ga. L. 1996, p. 804, § 2.

Code Commission notes

Pursuant to Code Section 28-9-5, in 1996, ‘‘attorney general’’ was capitalized in the second sentence in subsection (a) and ‘‘Community Trust’’ was lower-cased throughout. Pursuant to Code Section 28-9-5, in 1997, ‘‘including Article 9 of Chapter 6 of Title 44, the ‘Uniform Statutory Rule Against Perpetuities.’’’ was substituted for ‘‘including the Uniform Statutory Rule Against Perpetuities.’’ 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 t27-t30-(v22)-2018-pdf.pdf, Volume V22, 2018 edition, page 860; merge action: carried; file SHA-256 62359f240c92.

Ask about this section

The answer is drawn from this section and, when they fit, the other sections of its chapter. It quotes the text and names the section for each claim. Not legal advice.