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DUNWOODY COUNTRY CLUB v. FORTSON

34446.

243 Ga. 236 (1979)

253 S.E.2d 700

DUNWOODY COUNTRY CLUB OF ATLANTA, INC. v. FORTSON.

Supreme Court of Georgia.

Decided February 27, 1979.

Attorney(s) appearing for the Case

Fred A. Gilbert, Smith, Cohen, Ringel, Kohler & Martin, Robert D. Pannell, Marion Smith, II, for appellant.

Arthur K. Bolton, Attorney General, Michael R. Johnson, for appellee.

HALL, Justice.

Appellant Dunwoody Country Club sought a declaratory judgment that its redeemable membership certificates were not securities within the meaning of Code Ann. § 97-102 (a) (16) or that Code Ann. § 97-102 (a) (16) was unconstitutionally vague and overbroad. The trial court ruled that Dunwoody issued certificates of indebtedness which were securities and were subject to the registration requirements of Code Ann. § 97-105. We reverse.

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