The failure of a statutory close corporation to observe the usual corporate formalities or requirements relating to the exercise of its corporate powers or management of its business and affairs is not a ground for imposing personal liability on the shareholders for liabilities of the corporation.
History. Code 1981, § 14-2-926 , enacted by Ga. L. 1988, p. 1070, § 1.
Structure Georgia Code
Title 14 - Corporations, Partnerships, and Associations
Chapter 2 - Business Corporations
Article 9 - Close Corporations
§ 14-2-920. Shareholder Agreements
§ 14-2-921. Special Terms and Powers of Directors
§ 14-2-922. Elimination of Board of Directors
§ 14-2-925. Execution of Documents in More Than One Capacity