Effect of amendment on existing cause of action

An amendment to the articles of incorporation does not affect a cause of action existing against or in favor of the corporation, a proceeding to which the corporation is a party, any requirement or limitation imposed upon the corporation or any property held by it by virtue of any trust upon which such property is held by the corporation, or the existing rights of persons other than members of the corporation. An amendment changing a corporation’s name does not abate a proceeding brought by or against the corporation in its former name. (Code 1981, § 14-3-1008, enacted by Ga. L. 1991, p. 465, § 1.) COMMENT This section is based both on the Model Act and its Business Code counterpart, section 14-2-1009. The phrase ‘‘any requirement or limitation imposed upon the corporation or any property held by it by virtue of any trust upon which such property is held by the corporation’’ is from the Model Act and does not appear in section 14-2-1009. 705 14-3-1008 CORPORATIONS & PARTNERSHIPS 14-3-1021