O.C.G.A.
O.C.G.A. § 50-8-39 (2019)
Appointment of receiver of assets upon commission’s ceasing operations
✓ 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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Upon a regional commission’s ceasing operations, the local government members of the regional commission shall, within 30 days of cessation of the regional commission’s operations, appoint a receiver of the assets of the regional commission for the protection of creditors. The receiver shall be authorized to marshal, sell, or transfer assets, pay liabilities, and assess counties and municipalities which were members of the regional commission. After the completion of such liquidation, a distribution shall be made to the local government members on a pro rata basis according to the amount of contributions such members made to the regional commission.
History
Code 1981, § 50-8-39, enacted by Ga. L. 2008, p. 181, § 5/HB 1216.
Notes of Decisions
Cited in 1
case, 1994–1994 · leading case: Coastal Georgia Reg'l Dev. Ctr. v. Higdon, 439 S.E.2d 902 (Ga. 1994).
Coastal Georgia Reg'l Dev. Ctr. v. Higdon, 439 S.E.2d 902 (Ga. 1994). “” OCGA § 50-8-39. CADDAI is a nonprofit corporation which was incorporated in 1976 for the purpose of administering a revolving loan program funded by a federal grant.”
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