Official Code of Georgia Annotated

Title 7. BANKING AND FINANCE · Chapter 1. FINANCIAL INSTITUTIONS · Article 12. SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS

7-1-952. Setting apart net earnings; fiscal year.

Active

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

(a)
Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established in Code Section 7-1-941 shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.#
(b)
Corporations organized under this article shall adopt the calendar year as their fiscal year.#

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.

Code 1981, § 7-1-952, enacted by Ga. L. 1988, p. 804, § 1.

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

Text read from t7-t8-(v5)-2024-pdf.pdf, Volume V5, 2024 edition, pages 536 to 537; merge action: carried; file SHA-256 5c69f28428d8.