O.C.G.A.

O.C.G.A. § 7-1-952 (2019)

Setting apart net earnings; fiscal year

✓ 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) Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established in Code Section 7-1-941 shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors after providing for such reserves as said

directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons. (b) Corporations organized under this article shall adopt the calendar year as their fiscal year.

History

Code 1981, § 7-1-952, enacted by Ga. L. 1988, p. 804, § 1.