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2018 Georgia Code 14-3-864 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)

O.C.G.A. 14-3-864 Case Law from Google Scholar Amendments to OCGA 14-3-864

TITLE 14 CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS

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

ARTICLE 8 DIRECTORS AND OFFICERS

14-3-864. Effect of court approval of transaction.

In a case involving a corporation described in paragraph (2) of subsection (a) of Code Section 14-3-1302, a transaction that was not the subject of either directors' action under Code Section 14-3-862 or members' action under Code Section 14-3-863 is effective for purposes of paragraph (3) subsection (b) of Code Section 14-3-861 if the transaction is approved by the superior court, in an action in which the Attorney General is joined as a party.

(Code 1981, §14-3-864, enacted by Ga. L. 1991, p. 465, § 1.)

COMMENT

This section has no counterpart in either the Business Code or the Model Act. It provides a mechanism by which a conflicting interest transaction involving a director and a charitable corporation can be judicially approved. It is intended to address a possible situation in which there are neither qualified directors nor qualified members to approve a conflicting interest transaction that is in the corporation's best interest.

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