Conversion of Nonprofit Health Care Corporation; Requirements and Procedures; Rules and Regulations

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  5. Conversion of Nonprofit Health Care Corporation; Requirements and Procedures; Rules and Regulations

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    1. Any health care corporation which is governed generally by Chapter 3 of Title 14, the "Georgia Nonprofit Corporation Code," and authorized under this chapter may merge with, or amend its articles of incorporation to become, a corporation governed by Chapter 2 of Title 14, the "Georgia Business Corporation Code," provided a detailed, written plan is submitted to the Commissioner for such conversion, written notice of such submission is given to the Attorney General, and, after a public hearing thereon, such plan is approved by the Commissioner after being found to be in the best interest of the company, its policyholders, and the general public.
    2. In any such public hearing, the Attorney General may appear before the Commissioner and make such presentation as he or she shall deem to be in the public's interest. The Attorney General shall provide representation to the Commissioner in any other legal action relating thereto. Nothing in this Code section shall be construed as a limitation upon the Attorney General in providing legal representation to the Commissioner during the pendency of any decision concerning conversion.
  2. The Commissioner may promulgate rules and regulations which are necessary to implement the provisions of this Code section.

(Code 1981, §33-20-34, enacted by Ga. L. 1995, p. 745, § 1.12; Ga. L. 2019, p. 337, § 1-87/SB 132.)

The 2019 amendment, effective July 1, 2019, inserted "health care" and "generally" near the beginning of paragraph (a)(1).


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