In a case involving a corporation described in paragraph (2) of subsection (a) of Code Section 14-3-1302, a transaction that was not the subject of either directors’ action under Code Section 14-3-862 or members’ action under Code Section 14-3-863 is effective for purposes of paragraph (3) subsection (b) of Code Section 14-3-861 if the transaction is approved by the superior court, in an action in which the Attorney General is joined as a party.
History. Code 1981, § 14-3-864 , enacted by Ga. L. 1991, p. 465, § 1.
Structure Georgia Code
Title 14 - Corporations, Partnerships, and Associations
Chapter 3 - Nonprofit Corporations
Article 8 - Directors and Officers
Part 6 - Conflicting Interest Transactions
§ 14-3-861. Transactions Not Subject to Being Enjoined, Set Aside, or Other Sanctions
§ 14-3-862. Directors’ Action After Disclosure of Conflict or Abstention by Interested Director
§ 14-3-863. Members’ Action Following Disclosure of Conflict