Procedure for Increase of Capital Stock

  1. Law
  2. Georgia Code
  3. Waters of the State, Ports, and Watercraft
  4. Navigation Companies
  5. Procedure for Increase of Capital Stock

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  1. A company desiring to have its capital stock increased shall:
    1. File in the office of the Secretary of State a petition signed with the corporate name, stating:
      1. The name and character of the corporation;
      2. The date of its original charter and all amendments thereto; and
      3. That it desires to amend the company's charter to increase its capital stock;
    2. File, along with the petition called for in paragraph (1) of this subsection:
      1. A certified abstract from the minutes of the board of directors showing that the application for the proposed increase in capital stock has been authorized by the vote of a majority of the stockholders of the entire capital stock entitled, by the terms of the corporation's charter, to vote at an annual or special meeting called for that purpose, by a resolution of the board of directors; and
      2. An affidavit showing that notice of such meeting was mailed to each stockholder or, in case of death, to the stockholder's legal representatives or heirs at law, addressed to the stockholder's last known residence, at least ten days prior to the day of the meeting.
  2. The affidavit called for in subparagraph (a)(2)(B) of this Code section shall be made and signed in due form of law by the president or secretary of the company and shall show that the ten days' notice has been published once a week for four weeks in the newspaper in which is published the sheriff's sales of the county in which the principal office of the corporation desiring to increase its capital stock is located. The stock may be voted in person or by written proxy.

(Ga. L. 1894, p. 71, § 7; Civil Code 1895, § 2156; Civil Code 1910, § 2574; Code 1933, § 17-211.)

Cross references.

- Certificate issued by the Secretary of State upon his approval of the corporation's petition to increase its capital stock, § 14-4-121.

RESEARCH REFERENCES

Am. Jur. 2d.

- 18A Am. Jur. 2d, Corporations, §§ 384, 385 et seq.

C.J.S.

- 18 C.J.S., Corporations, § 242 et seq.


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