---
title: O.C.G.A. § 7-1-952. Setting apart net earnings; fiscal year.
collection: code
id: 7-1-952
cite_as: O.C.G.A. § 7-1-952 (2025)
canonical_url: https://georgiacommons.org/code/7-1-952
md_url: https://georgiacommons.org/code/7-1-952.md
text_url: https://georgiacommons.org/code/7-1-952/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t7-t8-(v5)-2024-pdf.pdf?sfvrsn=6386add7_0#page=536
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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index: https://georgiacommons.org/code/index.md
version: the only printed version
in_force: true
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: BANKING AND FINANCE / FINANCIAL INSTITUTIONS / SMALL MINORITY BUSINESS DEVELOPMENT CORPORATIONS
---

# O.C.G.A. § 7-1-952. Setting apart net earnings; fiscal year.

(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.

## History

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