O.C.G.A.

O.C.G.A. § 30-10-9 (2019)

Distribution of funds upon dissolution; perpetuities; restraints on alienation; construction of chapter

✓ 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) Upon the dissolution of any organization administering a community trust, the remaining balance of each trust account shall be distributed to other community trusts. The Attorney General may bring an action in the superior courts for the dissolution of a nonprofit organization or a community trust for the purpose of terminating the trust or merging it with another community trust.

(b) Community trusts shall not be subject to or held to be in violation of any principle of law against perpetuities or restraints on alienation, including Article 9 of Chapter 6 of Title 44, the ‘‘Uniform Statutory Rule Against Perpetuities.’’

(c) Nothing contained in this chapter shall be construed so as to impair or limit the creation of other forms of trusts or charitable trusts, whether or not similar to community trusts permitted by this chapter.

History

(Code 1981, § 30-10-9, enacted by Ga. L. 1996, p. 804, § 2.)

Annotations

Code Commission notes. - Pursuant to Code Section 28-9-5, in 1996, ‘‘attorney general’’ was capitalized in the second sentence in subsection (a) and ‘‘Community Trust’’ was lower-cased throughout. Pursuant to Code Section 28-9-5, in

1997, ‘‘including Article 9 of Chapter 6 of Title 44, the ‘Uniform Statutory Rule Against Perpetuities.’ ’’ was substituted for ‘‘including the Uniform Statutory Rule Against Perpetuities.’’ in subsection (b).