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2018 Georgia Code 14-2-1621 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 14-2-1621 Case Law from Google Scholar Amendments to OCGA 14-2-1621

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 2. Business Corporations, 14-2-101 through 14-2-1703.

ARTICLE 16 RECORDS AND REPORTS

14-2-1621. Other reports to shareholders.

If a corporation indemnifies or advances expenses to a director under Code Section 14-2-851, 14-2-852, 14-2-853, or 14-2-854 in connection with a proceeding by or in the right of the corporation, the corporation shall report the indemnification or advance in writing to the shareholders with or before the notice of the next shareholders' meeting.

(Code 1981, §14-2-1621, enacted by Ga. L. 1988, p. 1070, § 1.)

COMMENT

Source: Model Act, § 16.21. This was formerly covered by § 14-2-156(h).

Section 14-2-1621 requires decisions to grant indemnification under Article 8, Part 5 to be reported to the shareholders with or before the notice of the next meeting of shareholders. This preserves the requirement of former law.

The Model Act, § 16.21(b), provided similar disclosure of decisions to issue shares to persons for promissory notes or for promises for future services under Section 14-2-621. This was omitted in the Code.

Cross-References Indemnification of directors, see Article 8, Part 5. Notice of shareholders' meeting, see § 14-2-705. "Proceeding" defined, see § 14-2-850.

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