Execution of Articles of Dissolution; Contents of Articles of Dissolution

  1. Law
  2. Georgia Code
  3. Public Utilities and Public Transportation
  4. Electrical Service
  5. Electric Membership Corporations and Foreign Electric Cooperatives
  6. Dissolution of Electric Membership Corporations
  7. Execution of Articles of Dissolution; Contents of Articles of Dissolution

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If voluntary dissolution proceedings under Code Section 46-3-420 have not been revoked, then when all debts, liabilities, and obligations of the electric membership corporation have been paid and discharged, or adequate provision has been made therefor, and all of the remaining property and assets of the electric membership corporation have been distributed to its members and former members, or adequate provision has been made therefor, articles of dissolution shall be executed by the electric membership corporation as provided in Code Section 46-3-173, which articles shall set forth:

  1. The name of the electric membership corporation;
  2. That the Secretary of State has theretofore filed a statement of intent to dissolve the electric membership corporation and the date on which such statement was filed;
  3. That all debts, obligations, and liabilities of the electric membership corporation have been paid and discharged or that adequate provision has been made therefor;
  4. That all remaining property and assets of the electric membership corporation have been distributed among its members and former members in accordance with their respective rights and interests, or that adequate provision has been made therefor, or that such property and assets have been deposited with the Office of the State Treasurer as provided in Code Section 46-3-438; and
  5. That there are no actions pending against the electric membership corporation in any court or that adequate provision has been made for the satisfaction of any judgment, order, or decree which may be entered against it in any pending action.

(Code 1933, § 34C-1208, enacted by Ga. L. 1981, p. 1587, § 1; Ga. L. 2008, p. 230, § 2/SB 175; Ga. L. 2010, p. 863, § 2/SB 296.)

The 2008 amendment, effective July 1, 2008, substituted "Office of Treasury and Fiscal Services" for "Department of Administrative Services" in paragraph (4).

The 2010 amendment, effective July 1, 2010, substituted "Office of the State Treasurer" for "Office of Treasury and Fiscal Services" near the end of paragraph (4).

RESEARCH REFERENCES

C.J.S.

- 19 C.J.S., Corporations, §§ 837, 838.


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