Loading chat...
GA HB1658
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Requires that articles of incorporation or bylaws authorize a corporation's employees to fix or change the number of directors, whereas current law grants this authority only to shareholders or the board of directors
- Mandates that not less than two-fifths (40%) of a corporation's board of directors be elected by the employees of the corporation
- Changes cumulative voting provisions so that "shareholders" (rather than "shares") voting against a proposal to decrease the number of directors determines whether the amendment is blocked
- Removes the existing provision allowing the number of directors to be increased or decreased simply by amendment to the articles of incorporation or bylaws, replacing it with the new employee-authorization requirement
- Amends Code Section 14-2-803 of Title 14 of the Official Code of Georgia Annotated, governing the number and election of directors of business corporations
Legislative Description
Business corporations; board of directors; change certain provisions
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available