§ 53-12-184. Effect of Code Sections 53-12-180 Through 53-12-183 on Powers of the Courts or the Attorney General
Nothing in Code Sections 53-12-180 through 53-12-183 shall impair the rights and powers of the courts or the Attorney General of this state with respect to any corporation. History. Code 1981, § 53-12-184 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-214. Compensation From Business Enterprise
Any trustee may receive compensation for services, as specified in this subsection, from a corporation or other business enterprise, where the trust estate owns an interest in the corporation or other business enterprise, provided that: The services provided by the trustee to the corporation or other business enterprise are of a managerial, executive, or business […]
§ 53-12-190. Automatic Amendment of Governing Instrument of Private Foundation Trust, Charitable Trust, or Split-Interest Trust
Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-192, the governing trust instrument of any trust which is a private foundation, a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, or a split-interest trust, as defined in Section 4947(a)(2) of the federal Internal Revenue […]
§ 53-12-220. Resignation of Trustee
A trustee may resign: In the manner and under the circumstances described in the trust instrument; Upon at least 30 days’ written notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or Upon a trustee’s petition to the court. The petition to the court provided for in paragraph (3) of subsection (a) […]
§ 53-12-191. Automatic Amendment of Governing Instrument of Private Foundation Trust or Charitable Trust as to Distribution of Trust Funds
Notwithstanding any provision therein to the contrary and except as provided in Code Section 53-12-192, the governing trust instrument of any trust which is a private foundation or which is a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, shall be amended automatically as of the later of the inception […]
§ 53-12-192. Amendment of Governing Instrument of Private Foundation Trust, Charitable Trust, or Split-Interest Trust to Exclude Application of Code Section 53-12-190 or 53-12-191
The trustees of any trust which is a private foundation, a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, or a split-interest trust, as defined in Section 4947(a)(2) of the federal Internal Revenue Code, may, without judicial proceedings, amend the governing trust instrument of the trust expressly to exclude the […]
§ 53-12-193. Election of Trustees of Private Foundation or Charitable Trust to Distribute Such Trust Principal as Will Enable Trust to Avoid Tax Liability; Filing of Written Election With Attorney General; Form of Distribution; Revocation of Election
With respect to any trust which is a private foundation or a charitable trust, as defined in Section 4947(a)(1) of the federal Internal Revenue Code, the governing trust instrument of which permits distributions to the extent of the net income of the trust each year but does not permit distributions from trust principal, the trustees […]
§ 53-12-194. Effect of Code Sections 53-12-190 Through 53-12-193 as to Forfeiture or Reversion of Trust Property or Failure of Trust
Nothing contained in Code Sections 53-12-190 through 53-12-193 shall cause or be construed to cause a forfeiture or reversion of any of the property of a trust which is subject to such Code sections or to make the purposes of such trust impossible of accomplishment. History. Code 1981, § 53-12-194 , enacted by Ga. L. […]
§ 53-12-195. Effect of Code Sections 53-12-190 Through 53-12-193 on Powers of Courts and Attorney General
Nothing in Code Sections 53-12-190 through 53-12-193 shall impair the rights and powers of the courts or the Attorney General of this state with respect to any trust. History. Code 1981, § 53-12-195 , enacted by Ga. L. 2010, p. 579, § 1/SB 131.
§ 53-12-200. Capacity of Trustee
A trustee shall have legal capacity under Georgia law to acquire, hold, and transfer title to property. An individual shall be eligible to serve as a trustee regardless of citizenship or residency. If the trustee is a corporation, partnership, or other entity, it shall be required to have the power to act as a trustee […]