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2018 Georgia Code 14-3-1605 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 14-3-1605 Case Law from Google Scholar Amendments to OCGA 14-3-1605

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

Section 3. Nonprofit Corporations, 14-3-101 through 14-3-1703.

ARTICLE 16 RECORDS AND REPORTS

14-3-1605. Use of membership list.

Without consent of the board, a membership list or any part thereof may not be obtained or used by any person for any purpose unrelated to a member's interest as a member. Without limiting the generality of the foregoing, without the consent of the board a membership list or any part thereof may not be:

  1. Used to solicit money or property unless such money or property will be used solely to solicit the votes of the members in an election to be held by the corporation;
  2. Used for any commercial purpose; or
  3. Sold to or purchased by any person.

(Code 1981, §14-3-1605, enacted by Ga. L. 1991, p. 465, § 1.)

COMMENT

This section is based on the Model Act. It recognizes that the membership list of a nonprofit corporation may be a valuable asset, and it imposes restrictions on the use of membership lists. If the corporation believes that a member is seeking access to the membership list for an improper purpose, it may deny access and require the member to bring an action under section 14-3-1604.

PART 2 R EPORTS

14-3-1620. Furnishing financial statements to members.

  1. A corporation upon request in writing or by electronic transmission from a member shall furnish that member its latest prepared annual financial statements, which may be consolidated or combined statements of the corporation and one or more of its subsidiaries or affiliates, in reasonable detail as appropriate, that include a balance sheet as of the end of the fiscal year and statement of operations for that year. If financial statements are prepared for the corporation on the basis of generally accepted accounting principles, the annual financial statements must also be prepared on that basis.
  2. If annual financial statements are reported upon by a public accountant, the accountant's report must accompany them. If not, the statements must be accompanied by the statement of the president or the person responsible for the corporation's financial accounting records:
    1. Stating the president's or other person's reasonable belief as to whether the statements were prepared on the basis of generally accepted accounting principles and, if not, describing the basis of preparation; and
    2. Describing any respects in which the statements were not prepared on a basis of accounting consistent with the statements prepared for the preceding year.

(Code 1981, §14-3-1620, enacted by Ga. L. 1991, p. 465, § 1; Ga. L. 2004, p. 508, § 63.)

COMMENT

This section is based on the Model Act and on its Business Code counterpart. Subsection (a) follows the Model Act, rather than the Business Code. It does not specifically require corporations to prepare annual financial statements. Like the Business Code, this section requires that the most recent financial statements be provided to a member who has requested them in writing. Although some nonprofit corporations' bylaws require that annual financial statements be mailed to the members, this section eschews such a requirement as being financially prohibitive for many corporations. See also section 14-3-1601, requiring corporations to "maintain appropriate accounting records."

JUDICIAL DECISIONS

Cited in Greer v. Davis, 244 Ga. App. 317, 534 S.E.2d 853 (2000).

No results found for Georgia Code 14-3-1605.