2025 Code of Georgia
Title 14 - Corporations, Partnerships, and Associations (Chs. 1 — 11)
Chapter 2 - Business Corporations (Arts. 1 — 18)

Annotations

Notes

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 L. 1988, p. 1070, § 1, effective July 1, 1989, repealed the Code sections formerly codified as this chapter and enacted the current chapter.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

Commentary

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.

Research References & Practice Aids

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, “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 article, “Changes in Corporate Practice under Georgia’s New Business Corporation Code,” see 40 Mercer L. Rev. 655 (1989).

For comment, “An Empirical Study of Defective Incorporation,” see 39 Emory L. J. 523 (1990).

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 annual survey of law of business associations, see 43 Mercer L. Rev. 85 (1991).

For article, “The Development of the Shareholder’s Direct Action Damage Remedy,” see 28 Ga. St. B. J. 195 (1992).

For note on 1993 amendment of this chapter, see 10 Ga. St. U. L. Rev. 74 (1993).

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 note on 1999 amendments to sections in this chapter, see 16 Ga. St. U. L. Rev. 27 (1999).

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,” see 12 Ga. St. B. J. 12 (2007).

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).

For note, “The Cost of Appraisal Rights: How to Restore Certainty in Delaware Mergers,” see 52 Ga. L. Rev. 651 (2018).

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 article, “Business Associations: Veil Piercing in Georgia,” see 74 Mercer L. Rev. 39 (2022).

RESEARCH REFERENCES ALR.

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

Hierarchy Notes:

O. C. G. A. Title 14