O.C.G.A.

O.C.G.A. § 14-3-1030 (2019)

When approval by specified person required

✓ 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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The articles or the bylaws may require an amendment to the articles or bylaws to be approved in writing by a specified person or persons other than the board. Such an article or bylaw provision may only be

CORPORATIONS & PARTNERSHIPS amended with the approval in writing of such person or persons.

History

(Code 1981, § 14-3-1030, enacted by Ga. L. 1991, p. 465, § 1.)

Annotations

COMMENT This section is taken from the Model Act. It validates the practice of some nonprofit corporations of giving a specified person or entity veto power over amendments to the articles or bylaws. Because ‘‘person’’ is broadly defined, this veto power may be given to any individual (including a member or delegate) or to an entity.

PART 4 AMENDMENT TO OPERATE FOR PROFIT COMMENT This part has no counterpart in the Model Act or the Business Code. It authorizes and provides a mechanism for conversion of a nonprofit corporation to a business corporation. For charitable corporations described in section 14-3-1302(a)(2), the special provisions of section 14-3-1041 must be followed.