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2022 Georgia Code
Title 14 - Corporations, Partnerships, and Associations
Chapter 2 - Business Corporations
Article 6 - Shares and Distributions
Part 2 - Issuance of Shares
§ 14-2-622. Liability of Shareholders
Universal Citation:
GA Code § 14-2-622 (2022)
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- A purchaser from a corporation of its own shares is not liable to the corporation or its creditors with respect to the shares except to pay the consideration for which the shares were authorized to be issued (Code Section 14-2-621) or specified in the subscription agreement (Code Section 14-2-620).
- Unless otherwise provided in the articles of incorporation, a shareholder of a corporation is not personally liable for the acts or debt of the corporation except that he may become personally liable by reason of his own acts or conduct.
History. Code 1981, § 14-2-622 , enacted by Ga. L. 1988, p. 1070, § 1.
Law reviews.
For article, “Liability Limbo: Are Incorporated Lawyers in Georgia Really Free from Personal Liability When Their Fellow Shareholders Misbehave?,” see 15 Ga. St. U. L. Rev. 1047 (1999).
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