2021 Georgia Code
Title 14 - Corporations, Partnerships, and Associations
Chapter 2 - Business Corporations
Article 9 - Close Corporations
Part 3 - Governance
§ 14-2-926. Limited Liability
The failure of a statutory close corporation to observe the usual corporate formalities or requirements relating to the exercise of its corporate powers or management of its business and affairs is not a ground for imposing personal liability on the shareholders for liabilities of the corporation.
(Code 1981, §14-2-926, enacted by Ga. L. 1988, p. 1070, § 1.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 18A Am. Jur. 2d, Corporations, §§ 717 et seq.
C.J.S.- 18 C.J.S., Corporations, §§ 503, 504, 505.
ALR.
- Informality of meeting of stockholders as affecting action taken thereat, 51 A.L.R. 941.
Stockholders' statutory liabilities as affected by alleged defects or irregularities in organization of corporation, 102 A.L.R. 327.
Stockholder's personal conduct of operations or management of assets as factor justifying disregard of corporate entity, 46 A.L.R.3d 428.
