Amended Corporate Charter for a stock or mutual corporation
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Stock Corporation
- The name of the Captive (see O.C.G.A. §33-41-6 for requirements);
- Duration (i.e., perpetual v. limited);
- Original incorporation date, state or county of original incorporation and date or dates of any and all amendments to the charter;
- Location in Georgia to which the captive wishes to transfer its home office (include city or town and county);
- Kinds of insurance the captive is being formed to transact according to the definitions set forth in O.C.G.A. §33-7-1 et seq.;
- Number of directors (must have at least three directors, at least one director must be a Georgia resident, and a majority of the directors must be U.S. citizens);
- Names and addresses of the directors and officers and their stated terms of office (must be no longer than one year)
- A statement that the authorized capital shall not be less than that required under the provisions of Chapter 41 of Title 33.
- The number of shares the Captive is authorized to issue (without amending its Articles);
- The par value of each share of stock;
- At least one class must have a par value of at least $1.00 per share. However, after the Corporation has operated for three consecutive years, the par value of such shares may be reduced below $1.00 per share, but may not be reduced below a par value of 50 cent(s) ($.50) per share.
- Other classes of stock are authorized, but must have a stated par value, or be accounted for with a notional value, of at least one cent ($.01).
- The extent, if any, to which shares of the Captive's stock shall be subject to assessment;
- The limitations, if any, on the captive's indebtedness; and
- Any additional provisions deemed appropriate by the captive, so long as such provisions are not inconsistent with Georgia law (if any).
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Mutual Corporation
- The name of the captive (see O.C.G.A. §33-41-6 for requirements);
- Duration (i.e., perpetual v. limited);
- Original incorporation date, state or county of original incorporation and date or dates of any and all amendments to the charter;
- Location in Georgia to which the captive wishes to transfer its home office (include city or town and county);
- Kinds of insurance the captive is being formed to transact according to the definitions set forth in O.C.G.A. §33-7-1 et seq.;
- Number of directors (must have at least three directors, at least one director must be a Georgia resident, and a majority of the directors must be U.S. citizens);
- Names and addresses of the directors and officers and their stated terms of office (must be no longer than one year)
- The maximum and minimum contingent liability of the captive's members other than as to non-assessable policies for payment of losses and expenses incurred (liability may not be less than one nor more than six times the premium for the member’s policy at the annual premium rate for a term of one year);
- The limitations, if any, on the captive's indebtedness; and
- Any additional provisions deemed appropriate by the captive, so long as such provisions are not inconsistent with Georgia law (if any).