Georgia § 14-3-1041 - Procedure for amendment.
Full text of Georgia Official Code of Georgia Annotated § 14-3-1041 — Procedure for amendment., with citation guidance and answers to common questions.
§ 14-3-1041. Procedure for amendment.
A corporation described in paragraph (2) of subsection (a) of Code Section 14-3-1302 may amend its articles of incorporation as provided in Code Section 14-3-1040 only: Upon the prior approval of the superior court in a proceeding in which the Attorney General has been given notice; or If on or before the effective date of the amendment: Assets with a value equal to the greater of the fair market value of the net tangible and intangible assets (including good will) of the corporation, or the fair market value of the corporation if it were to be operated as a business concern, are transferred or conveyed to one or more persons who would have received its assets under subsection (b) of Code Section 14-3-1403 had it dissolved; It shall return, transfer, or convey any assets held by it upon condition requiring return, transfer, or conveyance, which condition occurs by reason of the amendment, in accordance with such condition; and The amendment is approved by a majority of the directors of the corporation who are not and will not become shareholders in, or officers, employees, agents, or consultants of the corporation following the effective date of the amendment. At least 30 days before the filing of any amendment described in Code Section 14-3-1040 by a corporation described in subsection (a) of this Code section, notice of the proposed amendment shall be delivered to the Attorney General. Without the prior written consent of the superior court in a proceeding of which the Attorney General has been given notice, no member of a corporation described in subsection (a) of this Code section may receive or keep anything as a result of an amendment described in Code Section 14-3-1040 . The court shall approve the transaction if it is in the public interest. (Code 1981, § 14-3-1041 , enacted by Ga. L. 1991, p. 465, § 1; Ga. L. 1993, p. 91, § 14.)
Frequently Asked Questions About Georgia § 14-3-1041
What does Official Code of Georgia Annotated § 14-3-1041 cover?
Section 14-3-1041 ("Procedure for amendment.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 14-3-1041?
A common citation format is "Official Code of Georgia Annotated § 14-3-1041" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 14-3-1041 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.