CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS Business Corporations: Provide for the Creation of One or More Series of Shares Within a Class; Provide for the Number of Shares; Provide That All Shares of a Series Have Identical Preferences; Provide for Exceptions; Provide for a Non-exhaustive List of Characteristics of the Shares of a Series

Authors

Aimee SternFollow

Document Type

Peach Sheet

Abstract

The Act requires that all shares of a class of a Georgia corporation's stock must have identical references, limitations, and relative rights unless the class is divided into a series. The Act also permits shares within a class. In addition, the Act provides that the board of directors has authority to determine the terms and conditions of rights, options, or warrants issuable pursuant to the Code. The Act limits the transferability of rights, options, or warrants and the power of future directors to vote on redemption of certain rights. The Act also strikes out certain sections referring to the transferability and effect of shareholder agreements. The Act adds a new Code section that applies to shareholder agreements. The Act also addresses boards of directors, committees, voting on amendments by groups, and amendments by board of director or shareholders.

Recommended Citation

Aimee Stern, CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS Business Corporations: Provide for the Creation of One or More Series of Shares Within a Class; Provide for the Number of Shares; Provide That All Shares of a Series Have Identical Preferences; Provide for Exceptions; Provide for a Non-exhaustive List of Characteristics of the Shares of a Series, 17 Ga. St. U. L. Rev. (2000).
Available at: https://readingroom.law.gsu.edu/gsulr/vol17/iss1/3