Georgia § 7-1-952 Setting apart net earnings; fiscal year

Georgia Statutes

§ 7-1-952 — Setting apart net earnings; fiscal year

Georgia § 7-1-952

Title7

This text of Georgia § 7-1-952 (Setting apart net earnings; fiscal year) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 7-1-952 (2026).

Text

(a)Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established in Code Section 7-1-941 shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.

(b)Corporations organized under this article shall adopt the calendar year as their fiscal year.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Each year the corporation shall set apart its net earnings for all the preceding fiscal year. Whenever the amount of minimum capital established in Code Section 7-1-941 shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons. (b) Corporations organized under this article shall adopt the calendar year as their fiscal year.