Section 14-3-864. Effect of court approval of transaction

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In a case involving a corporation described in paragraph (2) of subsection (a) of Code Section 14-3-1302, a transaction that was not the subject of either directors' action under Code Section 14-3-862 or members' action under Code Section 14-3-863 is effective for purposes of paragraph (3) subsection (b) of Code Section 14-3-861 if the transaction is approved by the superior court, in an action in which the Attorney General is joined as a party.

Code 1981, § 14-3-864, enacted by Ga. L. 1991, p. 465, § 1.

                    
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