A corporation organized under this chapter may amend its articles of incorporation to provide that the corporation shall operate as a for profit business corporation. (Code 1981, § 14-3-1040, enacted by Ga. L. 1991, p. 465, § 1.) COMMENT This part has no counterpart in the Model Act or the Business Code. It authorizes and provides a mechanism for conversion of a nonprofit corporation to a business corporation. For charitable corporations described in section 14-3-1302(a)(2), the special provisions of section 14-3-1041 must be followed.
Authority to amend articles to operate as for profit corporation
O.C.G.A. § 14-3-1040, under AMENDMENT TO OPERATE FOR PROFIT COMMENT.
O.C.G.A. § 14-3-1040