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Georgia State Code
Title      14
Chapter       3  
Section Navigation   101 ... 127       128 ... 202   
   202.1 ... 304       305 ... 601   
   602 ... 701       702 ... 722   
   723 ... 743       744 ... 806   
   807 ... 822       823 ... 844   
   845 ... 857       858 ... 1003  
  1004 ... 1030     1040 ... 1107  
  1201 ... 1405     1406 ... 1430  
  1431 ... 1506     1507 ... 1601  
  1602 ... 1703    
Section<<< 202.1 203 204 205 206 207 301 302 303 304 >>>  
Title 14, Chapter 3, Section 304 (14-3-304)

(a) Except as provided in subsection (b) of this Code section, the validity of corporate action may not be challenged on the ground that the corporation lacks or lacked power to act.

(b) A corporation's power to act may be challenged:

(1) In a proceeding by a member against the corporation to enjoin the act;

(2) In a proceeding by the corporation, directly, derivatively, or through a receiver, trustee, or other legal representative, against an incumbent or former director, officer, employee, or agent of the corporation; or

(3) In a proceeding by the Attorney General under Code Section 14-2-1430.

(c) In a member's proceeding under paragraph (1) of subsection (b) of this Code section to enjoin an unauthorized corporate act, the court may enjoin or set aside the act, if equitable and if all affected persons are parties to the proceeding, and may award damages for loss, other than anticipated profits, suffered by the corporation or another party because of enjoining the unauthorized act.

Sunday May 24 00:55 EDT


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