§ 30-10-9 - Distribution of funds upon dissolution; perpetuities; restraints on alienation; construction of chapter - Georgia Statutes

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Statutes > Georgia > Title-30 > Chapter-10 > 30-10-9

O.C.G.A. 30-10-9 (2010)
30-10-9. Distribution of funds upon dissolution; perpetuities; restraints on alienation; construction of chapter

(a) Upon the dissolution of any organization administering a community trust, the remaining balance of each trust account shall be distributed to other community trusts. The Attorney General may bring an action in the superior courts for the dissolution of a nonprofit organization or a community trust for the purpose of terminating the trust or merging it with another community trust.

(b) Community trusts shall not be subject to or held to be in violation of any principle of law against perpetuities or restraints on alienation, including Article 9 of Chapter 6 of Title 44, the "Uniform Statutory Rule Against Perpetuities."

(c) Nothing contained in this chapter shall be construed so as to impair or limit the creation of other forms of trusts or charitable trusts, whether or not similar to community trusts permitted by this chapter.

State Codes and Statutes

Statutes > Georgia > Title-30 > Chapter-10 > 30-10-9

O.C.G.A. 30-10-9 (2010)
30-10-9. Distribution of funds upon dissolution; perpetuities; restraints on alienation; construction of chapter

(a) Upon the dissolution of any organization administering a community trust, the remaining balance of each trust account shall be distributed to other community trusts. The Attorney General may bring an action in the superior courts for the dissolution of a nonprofit organization or a community trust for the purpose of terminating the trust or merging it with another community trust.

(b) Community trusts shall not be subject to or held to be in violation of any principle of law against perpetuities or restraints on alienation, including Article 9 of Chapter 6 of Title 44, the "Uniform Statutory Rule Against Perpetuities."

(c) Nothing contained in this chapter shall be construed so as to impair or limit the creation of other forms of trusts or charitable trusts, whether or not similar to community trusts permitted by this chapter.

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State Codes and Statutes

Statutes > Georgia > Title-30 > Chapter-10 > 30-10-9

O.C.G.A. 30-10-9 (2010)
30-10-9. Distribution of funds upon dissolution; perpetuities; restraints on alienation; construction of chapter

(a) Upon the dissolution of any organization administering a community trust, the remaining balance of each trust account shall be distributed to other community trusts. The Attorney General may bring an action in the superior courts for the dissolution of a nonprofit organization or a community trust for the purpose of terminating the trust or merging it with another community trust.

(b) Community trusts shall not be subject to or held to be in violation of any principle of law against perpetuities or restraints on alienation, including Article 9 of Chapter 6 of Title 44, the "Uniform Statutory Rule Against Perpetuities."

(c) Nothing contained in this chapter shall be construed so as to impair or limit the creation of other forms of trusts or charitable trusts, whether or not similar to community trusts permitted by this chapter.