2020: SB 373 Nonprofit Corporations; directors and officers of electric membership corporations and foreign electric cooperatives; provisions; change
Session 2019-20This bill establishes gross negligence as the standard of care for officers and directors of Georgia non-profits, foundations, and cooperatives. In 2017, the General Assembly set this standard for for-profit corporations, and SB 373 provides consistency for the organizing statutes not included in the initial legislation. This cleanup legislation corrected a discrepancy between for-profit and non-profits and passed both chambers.
| Description | Sponsors | Bill Status | Chamber Position |
|---|---|---|---|
This bill establishes gross negligence as the standard of care for officers and directors of Georgia non-profits, foundations, and cooperatives. In 2017, the General Assembly set this standard for for-profit corporations, and SB 373 provides consistency for the organizing statutes not included in the initial legislation. This cleanup legislation corrected a discrepancy between for-profit and non-profits and passed both chambers. |
Effective Date 7/1/2020 |
