O.C.G.A.

O.C.G.A. § 14-2-1005 (2019)

Amendment before issuance of shares

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)

Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.

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(a) If a corporation has not yet issued shares, its incorporators or board of directors may adopt one or more amendments to the corporation’s articles of incorporation.

(b) If any amendment before shares are issued makes a material change in the articles of incorporation, nonassenting subscribers for shares shall be entitled to rescind their subscriptions.

History

(Code 1981, § 14-2-1005, enacted by Ga. L. 1988, p. 1070, § 1.)

Annotations

COMMENT Source: Model Act, Section 10.05. This follows prior law, § 14-2-191. Subsection (b) was added to the Model Act provisions from former § 14-2-191(a). Cross-References Articles of amendment, see § 14-2-1006. Effective date of amendment, see § 14-2-123. Incorporators, see § 14-2-201. Initial directors, see § 14-2-202. Organization of corporation, see § 14-2-205. Restated articles of incorporation, see § 14-2-1007. RESEARCH REFERENCES Am. Jur. 2d. - 18A Am. Jur. 2d, Corporations, §§ 397 et seq.

C.J.S. - 18 C.J.S., Corporations, §§ 82 et seq., 273.