---
title: O.C.G.A. § 7-1-956. Duration of corporation; dissolution.
collection: code
id: 7-1-956
cite_as: O.C.G.A. § 7-1-956 (2025)
canonical_url: https://georgiacommons.org/code/7-1-956
md_url: https://georgiacommons.org/code/7-1-956.md
text_url: https://georgiacommons.org/code/7-1-956/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=538
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.
up: https://georgiacommons.org/code/7-1.md
previous: https://georgiacommons.org/code/7-1-955.md
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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. § 7-1-956. Duration of corporation; dissolution.

(a) The period of duration of the corporation shall be 35 years, subject, however, to the right of its shareholders and the members to dissolve the corporation prior to the expiration of said period as provided in subsection (b) of this Code section.

(b) The corporation may, upon the votes of the shareholders and the members of the corporation, voting separately by classes, dissolve said corporation; and such dissolution shall require approval by the affirmative vote of two-thirds of the votes to which the shareholders shall be entitled. Upon any dissolution of the corporation, none of the corporation’s assets shall be distributed to the shareholders until all sums due the members of the corporation as creditors thereof have been paid in full.

## History

Code 1981, § 7-1-956, enacted by Ga. L. 1988, p. 804, § 1.