Georgia § 20-3-291 - Termination and dissolution of corporation.
Full text of Georgia Official Code of Georgia Annotated § 20-3-291 — Termination and dissolution of corporation., with citation guidance and answers to common questions.
§ 20-3-291. Termination and dissolution of corporation.
The corporation and its corporate existence shall continue until terminated by law; provided, however, that no such law shall take effect so long as the corporation shall have obligations outstanding, unless adequate provision has been made for the payment thereof and the holders of all such obligations agree to such provision. This Code section shall be for the benefit of the holders of all such obligations and shall constitute a contract with the holders of such obligations. Upon dissolution of the corporation, all of its assets, rights, and properties shall pass to and be vested in the state to be used for educational purposes. (Ga. L. 1964, p. 735, § 13; Ga. L. 1965, p. 217, § 14; Ga. L. 1968, p. 386, § 7; Code 1933, § 32-3337, enacted by Ga. L. 1980, p. 835, § 2.)
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 20-3-291
What does Official Code of Georgia Annotated § 20-3-291 cover?
Section 20-3-291 ("Termination and dissolution of corporation.") 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 § 20-3-291?
A common citation format is "Official Code of Georgia Annotated § 20-3-291" (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 § 20-3-291 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.