2020 Georgia Code
Title 14 - Corporations, Partnerships, and Associations
Chapter 2 - Business Corporations


Editor's notes.

- Ga. L. 1988, p. 1070, § 1, effective July 1, 1989, repealed the Code sections formerly codified as this chapter and enacted the current chapter. The former chapter consisted of Code Sections 14-2-1 through 14-2-7 (Article 1), 14-2-20 through 14-2-23 (Article 2), 14-2-40 through 14-2-43 (Article 3), 14-2-60 through 14-2-63 (Article 4), 14-2-80 through 14-2-98 (Article 5), 14-2-110 through 14-2-123 (Article 6), 14-2-140 through 14-2-156 (Article 7), 14-2-170 through 14-2-177 (Article 8), 14-2-190 through 14-2-196 (Article 9), 14-2-210 through 14-2-218 (Article 10), 14-2-230 through 14-2-231 (Article 11), 14-2-250 through 14-2-251 (Article 12), 14-2-270 through 14-2-295 (Article 13), 14-2-310 through 14-2-331 (Article 14), 14-2-350 through 14-2-351 (Article 15), 14-2-370 through 14-2-373 (Article 16), 14-2-390 through 14-2-393 (Article 17), and 14-2-410 through 14-2-411 (Article 18), and was based on Ga. L. 1968, p. 565; Ga. L. 1969, p. 152; Ga. L. 1970, p. 195; Ga. L. 1970, p. 243; Ga. L. 1970, p. 605; Ga. L. 1972, p. 433; Ga. L. 1973, p. 833; Ga. L. 1975, p. 778; Ga. L. 1976, p. 1102; Ga. L. 1976, p. 1576; Ga. L. 1977, p. 324; Ga. L. 1977, p. 649; Ga. L. 1977, p. 1098; Ga. L. 1979, p. 435; Ga. L. 1980, p. 603; Ga. L. 1980, p. 623; Ga. L. 1980, p. 715; Ga. L. 1980, p. 1188; Ga. L. 1981, Ex. Sess., p. 8 (Code enactment Act) and Ga. L. 1982, p. 3, Ga. L. 1982, p. 156, Ga. L. 1982, p. 694, Ga. L. 1982, p. 886, Ga. L. 1983, p. 3, Ga. L. 1983, p. 1299, Ga. L. 1983, p. 1479, Ga. L. 1984, p. 22, Ga. L. 1984, p. 514, Ga. L. 1984, p. 1319, Ga. L. 1985, p. 527, Ga. L. 1985, p. 1281, Ga. L. 1985, p. 1302, Ga. L. 1986, p. 10, Ga. L. 1986, p. 1454, Ga. L. 1987, p. 537, Ga. L. 1987, p. 849, Ga. L. 1987, p. 1448.

Table of Comparable Provisions for Chapter 2 of Title 14

This table lists each Code section in the former Business Corporation Code, Ga. L. 1968, p. 565, as amended, and comparable provisions of the new Business Corporation Code, Ga. L. 1988, p. 1070. It is intended to assist the user, who is familiar with the former chapter, to find comparable new provisions. Table entries do not indicate that the former provision was reenacted without change in the new chapter, only that the comparable new provision pertains to the same subject. Absence of a comparable new provision in the table may mean only that there was no new provision similar enough for inclusion in this table, not that the subject is no longer covered.

OLD NEW --- --- 14-2-1 14-2-101 14-2-2 14-2-140, 14-2-723 14-2-3 14-2-1701 14-2-4 14-2-120, 14-2-1408 14-2-5 14-2-120, 14-2-123, 14-2-124, 14-2-125 14-2-6 14-2-127, 14-2-128 14-2-7 14-2-102 14-2-20 14-2-301 14-2-21 14-2-302 14-2-22 14-2-304 14-2-23 14-2-204 14-2-40 14-2-401 14-2-41 14-2-402 14-2-42 14-2-403 14-2-43 14-2-403 14-2-60 14-2-501 14-2-61 14-2-502, 14-2-503 14-2-62 14-2-504 14-2-63 14-2-510 14-2-80 14-2-601 14-2-81 14-2-602 14-2-82 - 14-2-83 14-2-620 14-2-84 14-2-621, 14-2-623 14-2-85 14-2-621, 14-2-628 14-2-86 14-2-624 14-2-87 14-2-150, 14-2-625, 14-2-626 14-2-88 14-2-604 14-2-89 - 14-2-90 14-2-623, 14-2-640 14-2-91 14-2-640 14-2-92 14-2-631, 14-2-640 14-2-93 - 14-2-94 14-2-631 14-2-95 - 14-2-96 - 14-2-97 - 14-2-98 14-2-641 14-2-110 14-2-622 14-2-111 14-2-630 14-2-112 14-2-701, 14-2-702, 14-2-703, 14-2-704 14-2-113 14-2-141, 14-2-705, 14-2-706, 14-2-823 14-2-114 14-2-705, 14-2-707 14-2-115 14-2-720, 14-2-724 14-2-116 14-2-725, 14-2-727, 14-2-1021 14-2-117 14-2-721, 14-2-724, 14-2-728 14-2-118 14-2-727, 14-2-1021 14-2-119 14-2-722, 14-2-724, 14-2-728 14-2-120 14-2-731, 14-2-920 14-2-121 14-2-730 14-2-122 14-2-1601, 14-2-1602, 14-2-1604, 14-2-1620 14-2-123 14-2-740, 14-2-741, 14-2-742, 14-2-745, 14-2-746 14-2-140 14-2-801, 14-2-802, 14-2-811 14-2-141 14-2-803, 14-2-804, 14-2-805 14-2-142 14-2-940 14-2-143 14-2-806 14-2-144 14-2-805, 14-2-807, 14-2-810 14-2-145 14-2-808 14-2-146 14-2-820, 14-2-824, 14-2-1022 14-2-147 14-2-825 14-2-148 14-2-820, 14-2-822, 14-2-823 14-2-149 14-2-821 14-2-150 14-2-840 14-2-151 14-2-844 14-2-152 14-2-842 14-2-152.1 14-2-842 14-2-153 14-2-831 14-2-154 14-2-640, 14-2-824 14-2-155 14-2-861, 14-2-862, 14-2-863 14-2-156 14-2-851, 14-2-852, 14-2-855, 14-2-856, 14-2-858, 14-2-859, 14-2-1621 14-2-170 14-2-201 14-2-171 14-2-202, 14-2-203 14-2-172 14-2-201.1 14-2-173 14-2-203 14-2-174 - 14-2-175 14-2-205 14-2-176 14-2-206, 14-2-1022 14-2-177 14-2-207, 14-2-303 14-2-190 14-2-1001 14-2-191 14-2-1002, 14-2-1003, 14-2-1005 14-2-192 14-2-1004 14-2-193 14-2-1006 14-2-194 14-2-1006, 14-2-1006.1 14-2-195 14-2-1009 14-2-196 14-2-1007 14-2-197 14-2-1008 14-2-210 14-2-1101 14-2-211 14-2-1101 14-2-212 14-2-1103 14-2-213 14-2-1105, 14-2-1105.1 14-2-214 14-2-1104 14-2-215 14-2-1108 14-2-216 14-2-1105, 14-2-1106 14-2-217 14-2-1107 14-2-218 14-2-1109 14-2-230 14-2-1201 14-2-231 14-2-1202 14-2-232 14-2-1110 14-2-233 14-2-1111 14-2-234 14-2-1112 14-2-235 14-2-1113 14-2-236 14-2-1131 14-2-237 14-2-1132 14-2-238 14-2-1133 14-2-250 14-2-1302, 14-2-1303 14-2-251 14-2-1301, 14-2-1320, 14-2-1321, 14-2-1322, 14-2-1323, 14-2-1325, 14-2-1326, 14-2-1327, 14-2-1330, 14-2-1331 14-2-270 14-2-1401 14-2-271 - 14-2-272 14-2-1402 14-2-273 14-2-1402, 14-2-1403 14-2-274 14-2-1403 14-2-275 14-2-1405 14-2-276 14-2-1403.1, 14-2-1405, 14-2-1406 14-2-277 14-2-1404 14-2-278 14-2-1404 14-2-279 14-2-1404 14-2-280 14-2-1404 14-2-281 14-2-1408 14-2-282 14-2-1408 14-2-283 14-2-1420, 14-2-1421, 14-2-1422 14-2-284 14-2-1430, 14-2-1431 14-2-285 14-2-940, 14-2-1430, 14-2-1431 14-2-286 14-2-1432 14-2-287 14-2-1432 14-2-288 14-2-1406 14-2-289 14-2-1432 14-2-290 14-2-1433 14-2-291 14-2-1433 14-2-292 14-2-1406, 14-2-1408, 14-2-1440 14-2-293 14-2-1405, 14-2-1406, 14-2-1407, 14-2-1408 14-2-294 14-2-1409 14-2-295 14-2-1409 14-2-310 14-2-1501 14-2-311 14-2-1505 14-2-312 14-2-1506 14-2-313 14-2-1504 14-2-314 14-2-1503 14-2-315 14-2-1503 14-2-316 14-2-1505 14-2-317 14-2-1507 14-2-318 14-2-1508, 14-2-1509 14-2-319 14-2-1510, 14-2-1520 14-2-320 14-2-1504 14-2-321 14-2-1504 14-2-322 14-2-1504 14-2-323 14-2-1520 14-2-324 14-2-1520 14-2-325 14-2-1530 14-2-326 14-2-1530, 14-2-1531 14-2-327 14-2-1531 14-2-328 14-2-1531 14-2-329 14-2-1702 14-2-330 14-2-1540 14-2-331 14-2-1502 14-2-350 14-2-1622 14-2-351 14-2-1622 14-2-370 14-2-122 14-2-371 14-2-122 14-2-372 14-2-122 14-2-373 - 14-2-390 14-2-121, 14-2-130 14-2-391 - 14-2-392 - 14-2-393 14-2-126, 14-2-1532 14-2-394 - 14-2-410 - 14-2-411 14-2-129 14-5-2 14-2-301

Law reviews. -For article discussing liability of corporate directors, officers, and shareholders under the Georgia Business Corporation Code, as affected by provisions of the Georgia Civil Practice Act, see 7 Ga. St. B.J. 277 (1971). For annual survey on business associations, see 35 Mercer L. Rev. 37 (1983). For annual survey on business associations, see 36 Mercer L. Rev. 91 (1984). For article, "Maintaining the Corporation as a Separate Entity," see 23 Ga. St. B. J. 36 (1986). For annual survey of law of business associations, see 38 Mercer L. Rev. 57 (1986). For annual survey of cases concerning business associations, see 39 Mercer L. Rev. 53 (1987). For article, "Changes in Corporate Practice under Georgia's New Business Corporation Code," see 40 Mercer L. Rev. 655 (1989). For article, "Georgia's New Business Corporation Code," see 24 Ga. St. B. J. 158 (1988). For annual survey of law of business associations, see 40 Mercer L. Rev. 61 (1988). For survey article on business associations, see 42 Mercer L. Rev. 71 (1990). For article, "Some Distinctive Features of the Georgia Business Corporation Code," 28 Ga. St. B. J. 101 (1991). For article, "The Development of the Shareholder's Direct Action Damage Remedy," see 28 Ga. St. B. J. 195 (1992). For annual survey of law of business associations, see 43 Mercer L. Rev. 85 (1991). For annual survey article on business associations, see 45 Mercer L. Rev. 53 (1993). For article discussing developments in law of business associations from June 1, 1996 through May 31, 1997, see 49 Mercer L. Rev. 71 (1997). For annual survey article on business associations, see 50 Mercer L. Rev. 171 (1998). For survey article discussing developments in law of business associations for the period from June 1, 1998 through May 31, 1999, see 51 Mercer L. Rev. 127 (1999). For survey article discussing developments in law of business associations for the period from June 1, 1999 through May 31, 2000, see 52 Mercer L. Rev. 95 (2000). For survey article on cases in the areas of corporate, securities, partnership, and banking law for the period from June 1, 2002 through May 31, 2003, see 55 Mercer L. Rev. 55 (2003). For article, "2006 Amendments to Georgia's Corporate Code and Alternative Entity Statutes," see12 Ga. St. B. J. 12 (2007). For article, "Keynote Address to the Atlas Conference: 'International Business Disputes in an Era of Receding Globalism,'" see 34 Ga. St. U.L. Rev. 765 (2018). For note on 1993 amendment of this chapter, see 10 Ga. St. U. L. Rev. 74 (1993). For note on 1999 amendments to sections in this chapter, see 16 Ga. St. U. L. Rev. 27 (1999). For note, "The Cost of Appraisal Rights:How to Restore Certainty in Delaware Mergers," see 52 Ga. L. Rev. 651 (2018). For comment, "An Empirical Study of Defective Incorporation," see 39 Emory L.J. 523 (1990). For comment, "Transfers of Intangible Property: Revise §§ 482 and 936(H) to Tax Transfers of Business Functions," see 32 Georgia St. U. L. Rev. 977 (2016).

COMMENT CODE REVISION COMMISSION NOTE ON COMMENTS The comments appearing in this chapter have been prepared under the supervision of the Georgia Corporation Code Revision Committee of the Corporate and Banking Law Section of the State Bar of Georgia and are included in the Official Code of Georgia Annotated at the request of the committee. Neither the General Assembly of Georgia nor the Code Revision Commission of the State of Georgia has participated in the drafting of these comments or has reviewed the comments for their content. The comments should not be considered to constitute a statement of legislative intention by the General Assembly of Georgia nor do they have the force of statutory law. COMMENT NOTE AS TO DRAFTING COMMITTEE

The Georgia Business Corporation Code was completely recodified by an Act (Ga. L. 1988, p. 1070) that was based on a draft proposed by the Georgia Business Corporation Code Revision Committee of the Section of Corporate and Banking Law of the State Bar of Georgia composed of the following:

George L. Cohen, Chairman

William J. Carney, Reporter, Professor, Emory University Law School

Elliott Goldstein, Special Consultant

Thomas C. Herman, Secretary

W. Hale Barrett Holcombe T. Green, Jr. J. Kermit Birchfield, Jr. Edward J. Hardin Terry C. Bridges Donald R. Harkleroad John W. Collier Edward J. Hawie C. Powers Dorsett, Jr. James L. Smith, III William E. Eason, Jr. L. Neil Williams, Jr. Alan S. Gaynor The Committee was assisted by the following special advisers: Senator Edward Hine, Jr. Valerie A. Hepburn, Director of Administration, Wayne Howell, Deputy Office of the Secretary of State Secretary of State State of Georgia Stephanie Manis, George E. Hibbs, Assistant Assistant Attorney General General Counsel, State Bar of Georgia Representative Thomas Chambless

NOTES AS TO COMMENTS The comments in Chapter 2 of Title 14 were prepared in 1987, 1988, and 1989 by William J. Carney, Charles Howard Candler Professor at Emory University Law School, who was reporter to the Georgia Corporation Code Revision Committee (hereinafter the "Code Revision Committee") of the Corporate and Banking Law Section of the State Bar of Georgia, which submitted a proposed draft of the revised Georgia Business Corporation Code (the "Code") in the form in which it was introduced in the Georgia General Assembly. The Comments were reviewed by the Code Revision Committee, which was chaired by George L. Cohen. They were presented to the General Assembly, in substantially this form, as part of the explanation for the changes proposed from prior law, and to clarify the meaning of the Code. The Comments also note amendments made by the General Assembly to the Code as initially introduced.

JUDICIAL DECISIONS Editor's notes. - In light of the similarity of the statutory provisions, decisions under former Chapter 2 of Title 14, which was repealed by Ga. L. 1988, p. 1070, § 1, effective July 1, 1989, are included in the annotations for this chapter.

Cited in Hullender v. Acts II, 153 Ga. App. 119, 264 S.E.2d 486 (1980).

RESEARCH REFERENCES ALR. - What corporate communications are entitled to attorney-client privilege - modern cases, 27 A.L.R.5th 76.
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