Persons who organize a company and transact business in its name before the minimum capital stock has been subscribed for are liable to creditors to make good the minimum capital stock with interest. (Civil Code 1895, § 1856; Civil Code 1910, § 2220; Code 1933, § 22-707; Code 1933, § 22-4104, enacted by Ga. L. 1968, p. 565, § 1.)
O.C.G.A. § 14-4-63
Liability of persons transacting business before minimum capital stock subscribed for
of Code section. — The language of this Code section is derived in SECRETARY OF STATE CORPORATIONS 14-4-63 part from the decision in Burns v
Current official text: Official Code of Georgia Annotated (LexisNexis). Digitized from the Internet Archive scan of the OCGA. Reproduced from public-domain Georgia statutes; confirm against the official source for the current text. Not legal advice.