O.C.G.A.

O.C.G.A. § 14-2-628 (2019)

Expense of issue

✓ 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 corporation may pay the expenses of selling or underwriting its shares and of organizing or reorganizing the corporation from the consideration received for shares.

History

(Code 1981, § 14-2-628, enacted by Ga. L. 1988, p. 1070, § 1.)

Annotations

COMMENT Source: Model Act, § 6.28. This replaces former § 14-2-85(e). Section 14-2-628 permits a corporation to pay underwriting and legal expenses, and the organization expenses of the corporation, from consideration received from shares. Cross-References Consideration for shares, see § 14-2-621. Fully paid shares, see § 14-2-621. Liability for share consideration, see § 14-2-622. RESEARCH REFERENCES Am. Jur. 2d. - 18 Am. Jur. 2d, Corporations, § 397 et seq.

C.J.S. - 18 C.J.S., Corporations, § 121.

T.14, C.2, A.6, P.3 CORPORATIONS & PARTNERSHIPS

PART 3 SUBSEQUENT ACQUISITION OF SHARES BY SHAREHOLDERS AND CORPORATION