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2018 Georgia Code 14-2-932 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 14-2-932 Case Law from Google Scholar Amendments to OCGA 14-2-932

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

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

ARTICLE 9 CLOSE CORPORATIONS

14-2-932. Effect of termination of statutory close corporation status.

  1. A corporation that terminates its status as a statutory close corporation is thereafter subject to all provisions of this chapter or, if incorporated under Chapter 7 of this title, known as the "Georgia Professional Corporation Act," to all provisions of that chapter.
  2. Termination of statutory close corporation status does not affect any right of a shareholder or of the corporation under an agreement, the bylaws, or the articles of incorporation unless this article, this chapter, or another law of this state invalidates the right.

(Code 1981, §14-2-932, enacted by Ga. L. 1988, p. 1070, § 1; Ga. L. 1990, p. 257, § 10.)

COMMENT

See the Comment to Section 14-2-931.

Note to 1990 Amendment The 1990 amendment corrects an inadvertent omission by adding the bylaws as a source of shareholder rights that may be unaffected by termination of close corporation status.

Cross-References Dissolution at option of shareholder, see § 14-2-933. Termination of statutory close corporation status, see § 14-2-931.

RESEARCH REFERENCES

Am. Jur. 2d.

- 19 Am. Jur. 2d, Corporations, § 2377 et seq.

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