O.C.G.A.

O.C.G.A. § 14-2-932 (2019)

Effect of termination of statutory close corporation status

✓ 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) 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.

(b) 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.

History

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

Annotations

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.