Georgia Governor Signs into Law Revisions to Business Judgment Rule, Codifying Protections for Banking and Corporate Officers and Directors

On Tuesday, Governor Nathan Deal signed into law a change to Georgia’s business judgment rule. The legislation, which was supported by the Georgia Bankers Association and the Georgia Chamber of Commerce, purports to modernize Georgia’s business judgment rule and enhance liability protection for the decision-making process used by executive officers and members of the boards of directors of both banks and Georgia corporations. The new law takes effect on July 1, 2017.