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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
filed with the Securities and Exchange Commission on July 10, 2003. </FONT></P>

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<A NAME=A001></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Registration No. 333- </FONT></P>

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<A NAME=A002></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SECURITIES AND
EXCHANGE COMMISSION </FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Washington, D.C. 20549 </FONT></H1>

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<A NAME=A003></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3></FONT></H1>

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<A NAME=A004></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM S-8 </FONT></H1>

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<A NAME=A005></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REGISTRATION STATEMENT
UNDER <BR>THE SECURITIES ACT OF
1933</FONT></P>


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<A NAME=A007></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4><B>COUSINS PROPERTIES
INCORPORATED </B></FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Exact name of
registrant as specified in its charter) </FONT></H1>








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     <TD WIDTH="225"><FONT FACE="Times New Roman, Times, Serif" SIZE="4">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Georgia</B> </FONT><BR>
&nbsp;(<FONT FACE="Times New Roman, Times, Serif" SIZE="3">State or other jurisdiction of  <BR>
&nbsp;incorporation or organization)
</FONT></TD>
     <TD WIDTH="100"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="175"><FONT FACE="Times New Roman, Times, Serif" SIZE="4">&nbsp;&nbsp;&nbsp;&nbsp;<B>58-0869052</B></FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE="3">&nbsp;(I.R.S. Employer<BR>
Identification No.)
</FONT></TD></TR>
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<A NAME=A009></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>2500 Windy Ridge
Parkway <BR>Atlanta, Georgia 30339-5683 </FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address,
including zip code, of registrant&#146;s principal executive offices) </FONT></H1>



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<A NAME=A011></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>COUSINS PROPERTIES
INCORPORATED <BR>1999 INCENTIVE STOCK
PLAN</FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Full title of the plan) </FONT></H1>


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<A NAME=A014></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>JAMES A. FLEMING </FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Senior Vice President,
General Counsel and Secretary<BR>Cousins Properties
Incorporated <BR> 2500 Windy Ridge
Parkway <BR>Atlanta, Georgia 30339-5683 <BR>(770) 955-2200 </FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name,
address, including zip code, and telephone<BR>number,
including area code, of agent for service) </FONT> </H1>



<A NAME=A020></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Copies to: </FONT></H1>

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<A NAME=A021></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>ALAN J. PRINCE</FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2>King &amp; Spalding LLP <BR>191 Peachtree Street<BR> Atlanta, Georgia 30303-1763 <BR>(404) 572-4600

<PAGE>
 </FONT></H1>


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<A NAME=A026></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CALCULATION OF
REGISTRATION FEE </FONT></H1>




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<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Title of Securities to be Registered
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;Amount to  <BR>
be Registered
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Proposed Maximum<BR>
&nbsp;Offering Price <BR>
&nbsp;&nbsp;Per Share(1)
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;Proposed Maximum  <BR>
Aggregate Offering <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Price(1)
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;Amount of<BR>
Registration<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Fee
</FONT></TH></TR>

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     <TD WIDTH="240"><HR><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Common Stock, par value $1.00 per share
</FONT></TD>
     <TD WIDTH="125"><HR><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000,000 shares
</FONT></TD>
     <TD WIDTH="95"><HR><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28.775
</FONT></TD>
     <TD WIDTH="95"><HR><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28,775,000
</FONT></TD>
     <TD WIDTH="95"><HR><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2,328
</FONT></TD></TR>


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          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD WIDTH=97%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Estimated solely for the purpose of computing the registration fee pursuant to
          Rule 457(h) on the basis of the high and low prices of Common Stock of Cousins
          Properties Incorporated (the &#147;Company&#148;) on July 7, 2003. </FONT></P></TD>
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          <BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>PART I </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Registration Statement on Form S-8 relates to an additional 1,000,000 shares of common
stock, par value $1.00 (the &#147;Common Stock&#148;), of Cousins Properties Incorporated (the
&#147;Company&#148;) to be issued to employees of the Company and certain subsidiaries and
to directors of the Company and certain subsidiaries pursuant to the Cousins Properties
Incorporated 1999 Incentive Stock Plan, as amended. As permitted by General Instruction E
(Registration of Additional Securities) to Form S-8, this Registration Statement omits
certain information otherwise required by Form S-8. </FONT></P>

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<A NAME=A028></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>PART II </FONT></H1>

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<A NAME=A029></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT </FONT></H1>

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<A NAME=A030></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 3. Incorporation of Certain
Documents by Reference </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following documents filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) are hereby incorporated by reference into this Registration
Statement: </FONT></P>

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          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
          <TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company&#146;s Annual Report on Form 10-K for the year ended December 31,
          2002; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
          <TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company&#146;s Quarterly Report on Form 10-Q for the quarter ended March 31,
          2003; </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
          <TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company&#146;s Current Reports on Form 8-K, filed on June 24, 2003 and July
          9, 2003; and </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
          <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
          <TD WIDTH=88%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The description of the Company&#146;s Common Stock contained in the
          Company&#146;s Registration Statement on Form 8-A (File No. 1-11312) dated
          August 4, 1992, filed under the Securities Exchange Act of 1934, including any
          amendment or report filed for the purpose of updating such description. </FONT></P></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents filed by the Company subsequent to the date of this Registration Statement
pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the Exchange Act and prior to the
filing of a post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all such securities then remaining unsold, shall be
deemed to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents. </FONT></P>

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<A NAME=A031></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item 6. Indemnification
of Directors and Officers </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Part 5 of Article 8 of the Georgia
Business Corporation Code (the &#147;GBCC&#148;) states: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-850.&nbsp;&nbsp;&nbsp;&nbsp;
          PART DEFINITIONS. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this part, the term: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Corporation&#148; includes any domestic or foreign predecessor entity of a
          corporation in a merger or other transaction in which the predecessor&#146;s
          existence ceased upon consummation of the transaction. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Director&#148; or &#147;officer&#148; means an individual who is or was a
          director or officer, respectively, of a corporation or who, while a director or
          officer of the corporation, is or was serving at the corporation&#146;s request
          as a director, officer, partner, trustee, employee, or agent of another domestic
          or foreign corporation, partnership, joint venture, trust, employee benefit
          plan, or other entity. A director or officer is considered to be serving an
          employee benefit plan at the corporation&#146;s request if his or her duties to
          the corporation also impose duties on, or otherwise involve services by, the
          director or officer to the plan or to participants in or beneficiaries of the
          plan. Director or officer includes, unless the context otherwise requires, the
          estate or personal representative of a director or officer. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Disinterested director&#148; means a director who at the time of a vote
          referred to in subsection (c) of Code Section 14-2-853 or a vote or selection
          referred to in subsection (b) or (c) of Code Section 14-2-855 or subsection (a)
          of Code Section 14-2-856 is not: </FONT></P>

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     <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A)</FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A party to the proceeding; or </FONT></TD>
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          <BR>

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          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(B) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           An individual who is a party to a proceeding having a familial, financial,
          professional, or employment relationship with the director whose indemnification
          or advance for expenses is the subject of the decision being made with respect
          to the proceeding, which relationship would, in the circumstances, reasonably be
          expected to exert an influence on the director&#146;s judgment when voting on
          the decision being made. </FONT></TD>
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          </TABLE>
          <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Expenses&#148; include counsel fees. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Liability&#148; means the obligation to pay a judgment, settlement,
          penalty, fine (including an excise tax assessed with respect to an employee
          benefit plan), or reasonable expenses incurred with respect to a proceeding. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Official capacity&#148; means: </FONT></P>

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     <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A)</FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          When used with respect to a director, the office of director in a corporation;
          and </FONT></TD>
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          <BR>


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          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(B) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           When used with respect to an officer, as contemplated in Code Section 14-2-857,
          the office in a corporation held by the officer. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Official capacity does not include
service for any other domestic or foreign corporation or any partnership, joint venture,
trust, employee benefit plan, or other entity. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Party&#148; means an individual who was, is, or is threatened to be made a
          named defendant or respondent in a proceeding. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          &#147;Proceeding&#148; means any threatened, pending, or completed action, suit,
          or proceeding, whether civil, criminal, administrative, arbitrative, or
          investigative and whether formal or informal. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-851.&nbsp;&nbsp;&nbsp;&nbsp;
          AUTHORITY TO INDEMNIFY. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Except as otherwise provided in this Code section, a corporation may indemnify
          an individual who is a party to a proceeding because he or she is or was a
          director against liability incurred in the proceeding if: </FONT></P>

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          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Such individual conducted himself or herself in good faith; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Such individual reasonably believed: </FONT></TD>
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          <BR>

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          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           In the case of conduct in his or her official capacity, that such conduct was
          in the best interests of the corporation; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(B) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           In all other cases, that such conduct was at least not opposed to the best
          interests of the corporation; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(C) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           In the case of any criminal proceeding, that the individual had no reasonable
          cause to believe such conduct was unlawful. </FONT></TD>
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          <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A director&#146;s conduct with respect to an employee benefit plan for a purpose
          he or she believed in good faith to be in the interests of the participants in
          and beneficiaries of the plan is conduct that satisfies the requirement of
          subparagraph (a)(2)(B) of this Code section. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The termination of a proceeding by judgment, order, settlement, or conviction or
          upon a plea of nolo contendere or its equivalent is not, of itself,
          determinative that the director did not meet the standard of conduct described
          in this Code section. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A corporation may not indemnify a director under this Code section: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           In connection with a proceeding by or in the right of the corporation, except
          for reasonable expenses incurred in connection with the proceeding if it is
          determined that the director has met the relevant standard of conduct under this
          Code section; or </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           In connection with any proceeding with respect to conduct for which he or she
          was adjudged liable on the basis that personal benefit was improperly received
          by him or her, whether or not involving action in his or her official capacity. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-852.&nbsp;&nbsp;&nbsp;&nbsp;
          MANDATORY INDEMNIFICATION. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation shall indemnify a director who was wholly successful, on the merits or
otherwise, in the defense of any proceeding to which he or she was a party because he or
she was a director of the corporation against reasonable expenses incurred by the director
in connection with the proceeding. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-853.&nbsp;&nbsp;&nbsp;&nbsp;
          ADVANCE FOR EXPENSES. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A corporation may, before final disposition of a proceeding, advance funds to
          pay for or reimburse the reasonable expenses incurred by a director who is a
          party to a proceeding because he or she is a director if he or she delivers to
          the corporation: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           A written affirmation of his or her good faith belief that he or she has met
          the relevant standard of conduct described in Code Section 14-2-851 or that the
          proceeding involves conduct for which liability has been eliminated under a
          provision of the articles of incorporation as authorized by paragraph (4) of
          subsection (b) of Code Section 14-2-202; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           His or her written undertaking to repay any funds advanced if it is ultimately
          determined that the director is not entitled to indemnification under this part. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The undertaking required by paragraph (2) of subsection (a) of this Code section
          must be an unlimited general obligation of the director but need not be secured
          and may be accepted without reference to the financial ability of the director
          to make repayment. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Authorizations under this Code section shall be made: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          By the board of directors: </FONT></TD>
         </TR>
          </TABLE>


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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           When there are two or more disinterested directors, by a majority vote of all
          the disinterested directors (a majority of whom shall for such purpose
          constitute a quorum) or by a majority of the members of a committee of two or
          more disinterested directors appointed by such a vote; or </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(B) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           When there are fewer than two disinterested directors, by the vote necessary
          for action by the board in accordance with subsection (c) of Code Section
          14-2-824, in which authorization directors who do not qualify as disinterested
          directors may participate; or </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           By the shareholders, but shares owned or voted under the control of a director
          who at the time does not qualify as a disinterested director with respect to the
          proceeding may not be voted on the authorization. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-854.&nbsp;&nbsp;&nbsp;&nbsp;
          COURT-ORDERED INDEMNIFICATION AND ADVANCES FOR EXPENSES. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A director who is a party to a proceeding because he or she is a director may
          apply for indemnification or advance for expenses to the court conducting the
          proceeding or to another court of competent jurisdiction. After receipt of an
          application and after giving any notice it considers necessary, the court shall: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Order indemnification or advance for expenses if it determines that the
          director is entitled to indemnification under this part; or </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Order indemnification or advance for expenses if it determines, in view of all
          the relevant circumstances, that it is fair and reasonable to indemnify the
          director or to advance expenses to the director, even if the director has not
          met the relevant standard of conduct set forth in subsections (a) and (b) of
          Code Section 14-2-851, failed to comply with Code Section 14-2-853, or was
          adjudged liable in a proceeding referred to in paragraph (1) or (2) of
          subsection (d) of Code Section 14-2-851, but if the director was adjudged so
          liable, the indemnification shall be limited to reasonable expenses incurred in
          connection with the proceeding. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If the court determines that the director is entitled to indemnification or
          advance for expenses under this part, it may also order the corporation to pay
          the director&#146;s reasonable expenses to obtain court-ordered indemnification
          or advance for expenses. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-855.&nbsp;&nbsp;&nbsp;&nbsp;
          DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A corporation may not indemnify a director under Code Section 14-2-851 unless
          authorized thereunder and a determination has been made for a specific
          proceeding that indemnification of the director is permissible in the
          circumstances because he or she has met the relevant standard of conduct set
          forth in Code Section 14-2-851. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The determination shall be made: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           If there are two or more disinterested directors, by the board of directors by
          a majority vote of all the disinterested directors (a majority of whom shall for
          such purpose constitute a quorum) or by a majority of the members of a committee
          of two or more disinterested directors appointed by such a vote; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

          By special legal counsel: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Selected in the manner prescribed in paragraph (1) of this subsection; or </FONT></TD>
         </TR>
          </TABLE>
          <BR>
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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(B) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           If there are fewer than two disinterested directors, selected by the board of
          directors (in which selection directors who do not qualify as disinterested
          directors may participate); or </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           By the shareholders, but shares owned by or voted under the control of a
          director who at the time does not qualify as a disinterested director may not be
          voted on the determination. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Authorization of indemnification or an obligation to indemnify and evaluation as
          to reasonableness of expenses shall be made in the same manner as the
          determination that indemnification is permissible, except that if there are
          fewer than two disinterested directors or if the determination is made by
          special legal counsel, authorization of indemnification and evaluation as to
          reasonableness of expenses shall be made by those entitled under subparagraph
          (b)(2)(B) of this Code section to select special legal counsel. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-856.&nbsp;&nbsp;&nbsp;&nbsp;
          SHAREHOLDER APPROVED INDEMNIFICATION. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          If authorized by the articles of incorporation or a bylaw, contract, or
          resolution approved or ratified by the shareholders by a majority of the votes
          entitled to be cast, a corporation may indemnify or obligate itself to indemnify
          a director made a party to a proceeding including a proceeding brought by or in
          the right of the corporation, without regard to the limitations in other Code
          sections of this part, but shares owned or voted under the control of a director
          who at the time does not qualify as a disinterested director with respect to any
          existing or threatened proceeding that would be covered by the authorization may
          not be voted on the authorization. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The corporation shall not indemnify a director under this Code section for any
          liability incurred in a proceeding in which the director is adjudged liable to
          the corporation or is subjected to injunctive relief in favor of the
          corporation: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           For any appropriation, in violation of the director&#146;s duties, of any
          business opportunity of the corporation; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           For acts or omissions which involve intentional misconduct or a knowing
          violation of law; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           For the types of liability set forth in Code Section 14-2-832; or </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           For any transaction from which he or she received an improper personal benefit. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Where approved or authorized in the manner described in subsection (a) of this
          Code section, a corporation may advance or reimburse expenses incurred in
          advance of final disposition of the proceeding only if: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           The director furnishes the corporation a written affirmation of his or her good
          faith belief that his or her conduct does not constitute behavior of the kind
          described in subsection (b) of this Code section; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           The director furnishes the corporation a written undertaking, executed
          personally or on his or her behalf, to repay any advances if it is ultimately
          determined that the director is not entitled to indemnification under this Code
          section. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Flush" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-857.&nbsp;&nbsp;&nbsp;&nbsp;
          INDEMNIFICATION OF OFFICERS, EMPLOYEES, AND AGENTS. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A corporation may indemnify and advance expenses under this part to an officer
          of the corporation who is a party to a proceeding because he or she is an
          officer of the corporation: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            To the same extent as a director; and </FONT></TD>
         </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=12%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=88%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            If he or she is not a director, to such further extent as may be provided by the
          articles of incorporation, the bylaws, a resolution of the board of directors,
          or contract except for liability arising out of conduct that constitutes: </FONT></TD>
         </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(A) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Appropriation, in violation of his or her duties, of any business opportunity
          of the corporation; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Level 5" FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(B) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Acts or omissions which involve intentional misconduct, or a knowing violation
          of law; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Level 5" FSL="Default" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(C) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           The types of liability set forth in Code Section 14-2-832; or </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(D) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           Receipt of an improper personal benefit. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The provisions of paragraph (2) of subsection (a) of this Code section shall
          apply to an officer who is also a director if the sole basis on which he or she
          is made a party to the proceeding is an act or omission solely as an officer. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          An officer of the corporation who is not a director is entitled to mandatory
          indemnification under Code Section 14-2-852, and may apply to a court under Code
          Section 14-2-854 for indemnification or advances for expenses, in each case to
          the same extent to which a director may be entitled to indemnification or
          advances for expenses under those provisions. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A corporation may also indemnify and advance expenses to an employee or agent
          who is not a director to the extent, consistent with public policy, that may be
          provided by its articles of incorporation, bylaws, general or specific action of
          its board of directors, or contract. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-858.&nbsp;&nbsp;&nbsp;&nbsp;
          INSURANCE </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
corporation may purchase and maintain insurance on behalf of an individual who is a
director, officer, employee, or agent of the corporation or who, while a director,
officer, employee, or agent of the corporation, serves at the corporation&#146;s request
as a director, officer, partner, trustee, employee, or agent of another domestic or
foreign corporation, partnership, joint venture, trust, employee benefit plan, or other
entity against liability asserted against or incurred by him or her in that capacity or
arising from his or her status as a director, officer, employee, or agent, whether or not
the corporation would have power to indemnify or advance expenses to him or her against
the same liability under this part. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14-2-859.&nbsp;&nbsp;&nbsp;&nbsp;
          APPLICATION OF PART </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A corporation may, by a provision in its articles of incorporation or bylaws or
          in a resolution adopted or a contract approved by its board of directors or
          shareholders, obligate itself in advance of the act or omission giving rise to a
          proceeding to provide indemnification or advance funds to pay for or reimburse
          expenses consistent with this part. Any such obligatory provision shall be
          deemed to satisfy the requirements for authorization referred to in subsection
          (c) of Code Section 14-2-853 or subsection (c) of Code Section 14-2-855. Any
          such provision that obligates the corporation to provide indemnification to the
          fullest extent permitted by law shall be deemed to obligate the corporation to
          advance funds to pay for or reimburse expenses in accordance with Code Section
          14-2-853 to the fullest extent permitted by law, unless the provision
          specifically provides otherwise. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Any provision pursuant to subsection (a) of this Code section shall not obligate
          the corporation to indemnify or advance expenses to a director of a predecessor
          of the corporation, pertaining to conduct with respect to the predecessor,
          unless otherwise specifically provided. Any provision for indemnification or
          advance for expenses in the articles of incorporation, bylaws, or a resolution
          of the board of directors or shareholders, partners, or, in the case of limited
          liability companies, members or managers of a predecessor of the corporation or
          other entity in a merger or in a contract to which the predecessor is a party,
          existing at the time the merger takes effect, shall be governed by paragraph (3)
          of subsection (a) of Code Section 14-2-1106. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          A corporation may, by a provision in its articles of incorporation, limit any of
          the rights to indemnification or advance for expenses created by or pursuant to
          this part. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          This part does not limit a corporation&#146;s power to pay or reimburse expenses
          incurred by a director or an officer in connection with his or her appearance as
          a witness in a proceeding at a time when he or she is not a party. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Except as expressly provided in Code Section 14-2-857, this part does not limit
          a corporation&#146;s power to indemnify, advance expenses to, or provide or
          maintain insurance on behalf of an employee or agent. </FONT></P>

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<A NAME=A032></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>RESTATED AND AMENDED
ARTICLES OF INCORPORATION AND BYLAWS </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
permitted by the GBCC, the Registrant&#146;s Restated and Amended Articles of
Incorporation provide that a director shall not be personally liable to the Registrant or
its shareholders for monetary damages for breach of duty of care or other duty as a
director, except that such provision shall not eliminate or limit the liability of a
director (a) for any appropriation, in violation of his duties, of any business
opportunity of the Registrant, (b) for acts or omissions that involve intentional
misconduct or a knowing violation of law, (c) for unlawful corporate distributions under
Section 14-2-832 of the GBCC or (d) for any transaction from which the director derived an
improper personal benefit. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Article VI of the Registrant&#146;s Bylaws, the Registrant is required to indemnify any
person who is made or threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative and whether formal or informal (including any action by or in the right of
the Registrant), by reason of the fact that he is or was a director, officer, agent or
employee of the Registrant against expenses (including reasonable attorneys&#146; fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such proceeding provided that such person shall not be indemnified in any
proceeding in which he is adjudged liable to the Registrant for (i) any appropriation, in
violation of his duties, of any business opportunity of the Registrant, (ii) acts or
omissions which involve intentional misconduct or knowing violation of law, (iii) unlawful
corporate distributions or (iv) any transaction from which such person received improper
personal benefit. Expenses incurred by any person according to the foregoing provisions
shall be paid by the Registrant in advance of the final disposition of such proceeding
upon receipt of the written affirmation of such person&#146;s good faith belief that he
has met the standards of conduct required under the Bylaws. </FONT></P>

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<A NAME=A033></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item&nbsp;8. Exhibits </FONT></H1>


<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U></U></FONT></TH></TR>
</TABLE>
<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B></B></FONT></TH></TR>


<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit</U>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Description</U>
</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD>
     <TD WIDTH="200"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD></TR>
</TABLE>


<BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Restated and Amended Articles of Incorporation of the Registrant, as amended August 9,
1999 (incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Quarterly Report
on Form 10-Q for the three months ended June 30, 2002) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bylaws of the Registrant, as amended April 29, 1993 (incorporated by reference to Exhibit
3.2 to the Registrant&#146;s Quarterly Report on Form 10-Q for the three months ended June
30, 2002) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Cousins Properties Incorporated 1999 Incentive Stock Plan, as amended (filed as Annex A to
the Company&#146;s Definitive Proxy Statement on Schedule 14A, filed with the Commission
on March 25, 2003 and incorporated herein by reference) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Opinion of King &amp; Spalding LLP</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent of Deloitte &amp; Touche LLP </FONT></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Consent
of Ernst &amp; Young LLP</FONT></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.3 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Consent of King &amp;&nbsp;Spalding LLP (included in  Exhibit 5.1)</FONT></TD>
</TR>
</TABLE>
<BR>
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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.1</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Power of Attorney (included on signature page)</FONT></TD>
</TR>
</TABLE>
<BR>

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<A NAME=A038></A>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Item&nbsp;9. Undertakings </FONT></H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The undersigned Registrant hereby undertakes: </FONT></P>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           To file, during any period in which offers or sales are being made, a
          post-effective amendment to this Registration Statement: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
          Act of 1933; </FONT></TD>
         </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           To reflect in the prospectus any facts or events arising after the effective
          date of the Registration Statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in the Registration Statement. Notwithstanding the
          foregoing, any increase or decrease in volume of securities offered (if the
          total dollar value of securities offered would not exceed that which was
          registered) and any deviation from the low or high end of the estimated maximum
          offering range may be reflected in the form of prospectus filed with the
          Commission pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in
          volume and price represent no more than 20% change in the maximum aggregate
          offering price set forth in the &#147;Calculation of Registration Fee&#148;
          table in the effective registration statement; and </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=85%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

           To include any material information with respect to the plan of distribution
          not previously disclosed in the Registration Statement or any material change to
          such information in the Registration Statement; </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=0%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=100%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
provided,
however, that paragraphs&nbsp;(a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the
Registration Statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
          <TR VALIGN=TOP>
          <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
          <TD ALIGN=LEFT WIDTH=91%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               That, for the purpose of determining any liability under the Securities Act of
               1933, each such post-effective amendment shall be deemed to be a new
               registration statement relating to the securities offered therein, and the
               offering of such securities at that time shall be deemed to be the initial bona
               fide offering thereof. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
               <TR VALIGN=TOP>
               <TD ALIGN=RIGHT WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
               <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               To remove from registration by means of a post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering. </FONT></P></TD>
               </TR>
               </TABLE>
               <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    The undersigned Registrant hereby undertakes that, for purposes of determining
                    any liability under the Securities Act of 1933, each filing of the
                    Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the
                    Securities Exchange Act of 1934 (and, where applicable, each filing of an
                    employee benefit plan&#146;s Annual Report pursuant to Section&nbsp;15(d) of the
                    Securities Exchange Act of 1934) that is incorporated by reference in the
                    Registration Statement shall be deemed to be a new registration statement
                    relating to the securities offered therein, and the offering of such securities
                    at that time shall be deemed to be the initial bona fide offering thereof. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <BR>

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               <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
                    <TR VALIGN=TOP>
                    <TD ALIGN=RIGHT WIDTH=6%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
                    <TD ALIGN=LEFT WIDTH=3%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
                    <TD WIDTH=91%><P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
                    Insofar as indemnification for liabilities arising under the Securities Act of
                    1933 may be permitted to directors, officers and controlling persons of the
                    Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
                    has been advised that in the opinion of the Commission such indemnification is
                    against public policy as expressed in the Act and is, therefore, unenforceable.
                    In the event that a claim for indemnification against such liabilities (other
                    than the payment by the Registrant of expenses incurred or paid by a director,
                    officer or controlling person of the Registrant in the successful defense of any
                    action, suit or proceeding) is asserted by such director, officer or controlling
                    person in connection with the securities being registered, the Registrant will,
                    unless in the opinion of its counsel the matter has been settled by controlling
                    precedent, submit to a court of appropriate jurisdiction the question whether
                    such indemnification by it is against public policy as expressed in the Act and
                    will be governed by the final adjudication of such issue. </FONT></P></TD>
                    </TR>
                    </TABLE>
                    <BR>

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<A NAME=A039></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>EXPERTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
consolidated financial statements and the related financial statement schedules
incorporated in this Registration Statement by reference from the Annual Report on Form
10-K of Cousins Properties Incorporated for the year ended December 31, 2002, have been
audited by Deloitte &amp; Touche LLP, independent auditors, as stated in their reports
(which reports express unqualified opinions and include an explanatory paragraph relating
to the impact of the adoption of Statements of Financial Accounting Standard No. 133 and
No. 144, and which is based in part on the report of other auditors), which are
incorporated herein by reference, and have been so incorporated in reliance upon the
report of such firm given upon their authority as experts in accounting and auditing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
financial statements and schedule of CSC Associates, L.P. appearing in the Annual Report
(Form 10-K) of Cousins Properties Incorporated for the year ended December 31, 2002, have
been audited by Ernst &amp; Young, LLP, independent auditors, as set forth in their report
thereon included therein and incorporated herein by reference. Such financial statements
are incorporated herein by reference in reliance upon such report given on the authority
of said firm as experts in accounting and auditing. </FONT></P>


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<A NAME=A040></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form&nbsp;S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Cobb County, State of Georgia, on this 10th day of July,
2003. </FONT></P>











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     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">COUSINS PROPERTIES INCORPORATED<BR>
<BR>
<BR>
<BR>
By: <U>/s/ Tom G. Charlesworth</U>                  <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tom G. Charlesworth<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Vice President, Chief Financial<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Officer and Chief Investment Officer
</FONT></TD></TR>

</TABLE>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>KNOW ALL MEN BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints Tom G. Charlesworth and
James A. Fleming, and each of them, his or her true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for such persons and in his or
her name, place and stead, in any and all capacities, to sign any and all amendments to
this Registration Statement, and to file the same with all exhibits thereto and other
documents in connection therewith, with the Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and to
perform each and every act and thing requisite or necessary to be done in and about the
premises, as fully and to all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of
them, or their substitutes, may lawfully do or cause to be done by virtue hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to the requirements of the
Securities Act of 1933, as amended, this Registration Statement has been signed by the
following persons in the capacity indicated on the 10th day of July, 2003. </FONT></P>





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<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Signature</U><BR><BR>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Title</U><BR><BR>
</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"><U>/s/ Thomas D. Bell, Jr.</U>  <BR>
Thomas D. Bell, Jr.      <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
<BR>
<BR>
<U>/s/ Tom G. Charlesworth</U>  <BR>
Tom G. Charlesworth      <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
<BR>
<BR>
<U>/s/ Michael A. Quinlan </U>  <BR>
Michael A. Quinlan       <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<BR>
<BR>
<BR>
<U>/s/ Thomas G. Cousins</U>    <BR>
Thomas G. Cousins<BR>
<BR>
<BR>
<BR>
<U>/s/ Richard W. Courts, II</U> <BR>
Richard W. Courts, II<BR>
<BR>
<BR>
<BR>
<U>/s/ Lillian C. Giornelli </U> <BR>
Lillian C. Giornelli<BR>
<BR>
<BR>
<BR>
<U>/s/ Terence C. Golden   </U>  <BR>
Terence C. Golden<BR>
<BR>
<BR>
<BR>
<U>/s/ Boone A. Knox  </U>       <BR>
Boone A. Knox<BR>
<BR>
<BR>
<BR>
<U>/s/ Hugh L. McColl,  Jr.</U>  <BR>
Hugh L. McColl, Jr.<BR>
<BR>
<BR>
<BR>
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> <BR>
William Porter Payne<BR>

</FONT></TD>
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="1">President, Chief Financial Officer and Vice<BR>
Chairman of the Board of Directors<BR>
(Principal Executive Officer)                     <BR>
<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;Executive Vice President, Chief Financial Officer<BR>
&nbsp;and Chief Investment Officer (Principal Financial<BR>
&nbsp;Officer)<BR>
<BR>
<BR>
<BR>

&nbsp;Senior Vice President, Chief Accounting<BR>
&nbsp;Officer, Controller and Assistant Secretary<BR>
&nbsp;(Principal Accounting Officer)<BR>
<BR>
<BR>
<BR>
&nbsp;Chairman of the Board of Directors<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;Director<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;Director<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;Director<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;Director<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;Director<BR>
<BR>
<BR>
<BR>
<BR>
&nbsp;Director<BR>
<BR>

</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD></TR>
</TABLE>




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<A NAME=A041></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>EXHIBIT INDEX</U> </FONT></P>

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<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U></U></FONT></TH></TR>
</TABLE>
<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B></B></FONT></TH></TR>


<TR VALIGN="BOTTOM">
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit</U>
</FONT></TH>
     <TH><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Description</U>
</FONT></TH></TR>
<TR VALIGN="TOP">
     <TD WIDTH="100"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD>
     <TD WIDTH="200"><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="1"></FONT></TD></TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Restated and Amended Articles of Incorporation of the Registrant, as amended August 9,
1999 (incorporated by reference to Exhibit 3.1 to the Registrant&#146;s Quarterly Report
on Form 10-Q for the three months ended June 30, 2002) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Bylaws of the Registrant, as amended April 29, 1993 (incorporated by reference to Exhibit
3.2 to the Registrant&#146;s Quarterly Report on Form 10-Q for the three months ended June
30, 2002) </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Cousins Properties Incorporated 1999 Incentive Stock Plan, as amended (filed as Annex A to
the Company&#146;s Definitive Proxy Statement on Schedule 14A, filed with the Commission
on March 25, 2003 and incorporated herein by reference) </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Opinion of King &amp; Spalding LLP </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
 Consent of Deloitte &amp; Touche LLP </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
  Consent of Ernst &amp; Young LLP </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.3 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
             Consent of King &amp; Spalding LLP (included in Exhibit 5.1) </FONT></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.1 </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
             Power of Attorney (included on signature page) </FONT></TD>
</TR>
</TABLE>
<BR>






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<A NAME=A043></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT&nbsp;5.1 </FONT></P>

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<A NAME=A044></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[King &amp; Spalding
LLP Letterhead] </FONT></P>

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<A NAME=A045></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>July 10, 2003 </FONT></P>

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<A NAME=A046></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cousins Properties
Incorporated<BR>2500 Windy Ridge Parkway<BR>Atlanta, GA 30339-5683 </FONT></P>

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<A NAME=A047></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:
Cousins Properties Incorporated &#151; Form S-8 Registration Statement</I> </FONT></P>

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<A NAME=A048></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ladies and Gentlemen: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have acted as counsel for Cousins Properties Incorporated, a Georgia corporation (the
&#147;Company&#148;), in connection with the preparation of a Registration Statement on
Form&nbsp;S-8 (the &#147;Registration Statement&#148;) to be filed with the Securities and
Exchange Commission. The Registration Statement relates to 1,000,000 shares of the
Company&#146;s common stock, par value $1.00 per share, to be issued pursuant to, or
issued upon the exercise of options granted pursuant to, the Cousins Properties
Incorporated 1999 Incentive Stock Plan (as amended, the &#147;Plan&#148;) (all such shares
and options are referred to herein as the &#147;Shares&#148; and &#147;Options,&#148;
respectively). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
such counsel, we have examined and relied upon such records, documents, certificates and
other instruments as in our judgment are necessary or appropriate to form the basis for
the opinions hereinafter set forth. In all such examinations, we have assumed the
genuineness of signatures on original documents and the conformity to such original
documents of all copies submitted to us as certified, conformed or photographic copies,
and as to certificates of public officials, we have assumed the same to have been properly
given and to be accurate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
purposes of this opinion, we have assumed the following: (1)&nbsp;the Shares that may be
issued pursuant to the Plan or upon exercise of the Options granted pursuant to the Plan
will continue to be duly authorized on the dates of such issuance and (2)&nbsp;on the date
on which any Option is exercised, such Option will have been duly executed, issued and
delivered by the Company and will constitute the legal, valid and binding obligation of
the Company, enforceable against the Company in accordance with its terms subject, as to
enforceability, to applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors&#146; rights generally, general equitable principles and
the discretion of courts in granting equitable remedies. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
opinions expressed herein are limited in all respects to the federal laws of the United
States of America and laws of the State of Georgia, and no opinion is expressed with
respect to the laws of any other jurisdiction or any effect which such laws may have on
the opinions expressed herein. This opinion is limited to the matters stated herein, and
no opinion is implied or may be inferred beyond the matters expressly stated herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
upon the foregoing and subject to the limitations, qualifications and assumptions set
forth herein, we are of the opinion that: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Shares are duly authorized; and </FONT></P>







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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
               When the Shares are issued pursuant to the Plan or upon exercise of the Options granted
                  pursuant to the Plan against payment therefor, as the case may be, as provided in the Plan,
                  such Shares will be validly issued, fully paid and nonassessable.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         This opinion is given as of the date hereof, and we assume no obligation to advise you after the date
hereof of facts or circumstances that come to our attention or changes in law that occur which could affect the
opinions contained herein.  This letter is being rendered solely for the benefit of Cousins Properties
Incorporated in connection with the matters addressed herein.  This opinion may not be furnished to or relied
upon by any person or entity for any purpose without our prior written consent.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;         We consent to the filing of this opinion as an Exhibit to the Registration Statement.</FONT></P>



<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">

<TR VALIGN="TOP">
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Very truly yours<BR><BR>
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>
<TABLE WIDTH="600" BORDER="0" CELLPADDING="0" CELLSPACING="0">

<TR VALIGN="TOP">
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ King &amp; Spalding LLP
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
</TABLE>







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<A NAME=A049></A>
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 23.1 </FONT></P>

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<A NAME=A050></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CONSENT OF INDEPENDENT
AUDITORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We consent to the incorporation by
reference in this Registration Statement of Cousins Properties Incorporated on Form S-8 of
our reports dated February 14, 2003 (which reports express unqualified opinions and
include an explanatory paragraph relating to the impact of the adoption of Statements of
Financial Accounting Standard No. 133 and No. 144) appearing in and incorporated by
reference in the Annual Report on Form 10-K of Cousins Properties Incorporated for the
year ended December 31, 2002 and to the reference to us under the heading
&#147;Experts&#148; in the Prospectus, which is part of this Registration Statement. </FONT></P>




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     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ DELOITTE &amp; TOUCHE LLP
</FONT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD></TR>
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     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Atlanta, Georgia<BR>
July 9, 2003
</FONT></TD></TR>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXHIBIT 23.2 </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>CONSENT OF INDEPENDENT
AUDITORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We consent to the reference to our
firm under the caption &#147;Experts&#148; and to the use of our report dated February 7,
2003, with respect to the financial statements and schedule of CSC Associates, L.P.
incorporated by reference in the Registration Statement on Form S-8 and related Prospectus
of Cousins Properties Incorporated for the registration of 1,000,000 shares of its Common
Stock. </FONT></P>




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     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"></FONT></TD>
     <TD WIDTH="300"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">/s/ ERNST &amp; YOUNG LLP
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Atlanta, Georgia<BR>July 7, 2003  </FONT></P>


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[{"type": "S-8", "sequence": "1", "filename": "f8s70903.htm", "description": "FORM S-8", "secsgml_size_bytes": 101156}]
{"company-data": {"conformed-name": "COUSINS PROPERTIES INC", "cik": "0000025232", "assigned-sic": "6798", "irs-number": "580869052", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-106937", "film-number": "03782260"}, "business-address": {"street1": "2500 WINDY RIDGE PKWY STE 1600", "city": "ATLANTA", "state": "GA", "zip": "30339-5683", "phone": "7709552200"}, "mail-address": {"street1": "2500 WINDY RIDGE PARKWAY", "street2": "SUITE 1600", "city": "ATLANTA", "state": "GA", "zip": "30339-5683"}}
As
filed with the Securities and Exchange Commission on July 10, 2003.
Registration No. 333-
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF
1933
COUSINS PROPERTIES
INCORPORATED
(Exact name of
registrant as specified in its charter)
Georgia
(
State or other jurisdiction of
incorporation or organization)
58-0869052
(I.R.S. Employer
Identification No.)
2500 Windy Ridge
Parkway
Atlanta, Georgia 30339-5683
(Address,
including zip code, of registrant's principal executive offices)
COUSINS PROPERTIES
INCORPORATED
1999 INCENTIVE STOCK
PLAN
(Full title of the plan)
JAMES A. FLEMING
Senior Vice President,
General Counsel and Secretary
Cousins Properties
Incorporated
2500 Windy Ridge
Parkway
Atlanta, Georgia 30339-5683
(770) 955-2200
(Name,
address, including zip code, and telephone
number,
including area code, of agent for service)
Copies to:
ALAN J. PRINCE
King & Spalding LLP
191 Peachtree Street
Atlanta, Georgia 30303-1763
(404) 572-4600
CALCULATION OF
REGISTRATION FEE
Title of Securities to be Registered
Amount to
be Registered
Proposed Maximum
Offering Price
Per Share(1)
Proposed Maximum
Aggregate Offering
Price(1)
Amount of
Registration
Fee
Common Stock, par value $1.00 per share
1,000,000 shares
$28.775
$28,775,000
$2,328
(1)
Estimated solely for the purpose of computing the registration fee pursuant to
          Rule 457(h) on the basis of the high and low prices of Common Stock of Cousins
          Properties Incorporated (the "Company") on July 7, 2003.
PART I
This
Registration Statement on Form S-8 relates to an additional 1,000,000 shares of common
stock, par value $1.00 (the "Common Stock"), of Cousins Properties Incorporated (the
"Company") to be issued to employees of the Company and certain subsidiaries and
to directors of the Company and certain subsidiaries pursuant to the Cousins Properties
Incorporated 1999 Incentive Stock Plan, as amended. As permitted by General Instruction E
(Registration of Additional Securities) to Form S-8, this Registration Statement omits
certain information otherwise required by Form S-8.
PART II
INFORMATION REQUIRED
IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Certain
Documents by Reference
The
following documents filed with the Securities and Exchange Commission (the
"Commission") are hereby incorporated by reference into this Registration
Statement:
1.
The Company's Annual Report on Form 10-K for the year ended December 31,
          2002;
2.
The Company's Quarterly Report on Form 10-Q for the quarter ended March 31,
          2003;
3.
The Company's Current Reports on Form 8-K, filed on June 24, 2003 and July
          9, 2003; and
4.
The description of the Company's Common Stock contained in the
          Company's Registration Statement on Form 8-A (File No. 1-11312) dated
          August 4, 1992, filed under the Securities Exchange Act of 1934, including any
          amendment or report filed for the purpose of updating such description.
All
documents filed by the Company subsequent to the date of this Registration Statement
pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act and prior to the
filing of a post-effective amendment which indicates that all securities offered hereby
have been sold or which deregisters all such securities then remaining unsold, shall be
deemed to be incorporated by reference in this Registration Statement and to be a part
hereof from the date of filing of such documents.
Item 6. Indemnification
of Directors and Officers
Part 5 of Article 8 of the Georgia
Business Corporation Code (the "GBCC") states:
14-2-850.    
          PART DEFINITIONS.
As
used in this part, the term:
(1)       
          "Corporation" includes any domestic or foreign predecessor entity of a
          corporation in a merger or other transaction in which the predecessor's
          existence ceased upon consummation of the transaction.
(2)       
          "Director" or "officer" means an individual who is or was a
          director or officer, respectively, of a corporation or who, while a director or
          officer of the corporation, is or was serving at the corporation's request
          as a director, officer, partner, trustee, employee, or agent of another domestic
          or foreign corporation, partnership, joint venture, trust, employee benefit
          plan, or other entity. A director or officer is considered to be serving an
          employee benefit plan at the corporation's request if his or her duties to
          the corporation also impose duties on, or otherwise involve services by, the
          director or officer to the plan or to participants in or beneficiaries of the
          plan. Director or officer includes, unless the context otherwise requires, the
          estate or personal representative of a director or officer.
(3)       
          "Disinterested director" means a director who at the time of a vote
          referred to in subsection (c) of Code Section 14-2-853 or a vote or selection
          referred to in subsection (b) or (c) of Code Section 14-2-855 or subsection (a)
          of Code Section 14-2-856 is not:
(A)
A party to the proceeding; or
(B)
An individual who is a party to a proceeding having a familial, financial,
          professional, or employment relationship with the director whose indemnification
          or advance for expenses is the subject of the decision being made with respect
          to the proceeding, which relationship would, in the circumstances, reasonably be
          expected to exert an influence on the director's judgment when voting on
          the decision being made.
(4)       
          "Expenses" include counsel fees.
(5)       
          "Liability" means the obligation to pay a judgment, settlement,
          penalty, fine (including an excise tax assessed with respect to an employee
          benefit plan), or reasonable expenses incurred with respect to a proceeding.
(6)       
          "Official capacity" means:
(A)
When used with respect to a director, the office of director in a corporation;
          and
(B)
When used with respect to an officer, as contemplated in Code Section 14-2-857,
          the office in a corporation held by the officer.
Official capacity does not include
service for any other domestic or foreign corporation or any partnership, joint venture,
trust, employee benefit plan, or other entity.
(7)       
          "Party" means an individual who was, is, or is threatened to be made a
          named defendant or respondent in a proceeding.
(8)       
          "Proceeding" means any threatened, pending, or completed action, suit,
          or proceeding, whether civil, criminal, administrative, arbitrative, or
          investigative and whether formal or informal.
14-2-851.    
          AUTHORITY TO INDEMNIFY.
(a)       
          Except as otherwise provided in this Code section, a corporation may indemnify
          an individual who is a party to a proceeding because he or she is or was a
          director against liability incurred in the proceeding if:
(1)
Such individual conducted himself or herself in good faith; and
(2)
Such individual reasonably believed:
(A)
In the case of conduct in his or her official capacity, that such conduct was
          in the best interests of the corporation;
(B)
In all other cases, that such conduct was at least not opposed to the best
          interests of the corporation; and
(C)
In the case of any criminal proceeding, that the individual had no reasonable
          cause to believe such conduct was unlawful.
(b)       
          A director's conduct with respect to an employee benefit plan for a purpose
          he or she believed in good faith to be in the interests of the participants in
          and beneficiaries of the plan is conduct that satisfies the requirement of
          subparagraph (a)(2)(B) of this Code section.
(c)       
          The termination of a proceeding by judgment, order, settlement, or conviction or
          upon a plea of nolo contendere or its equivalent is not, of itself,
          determinative that the director did not meet the standard of conduct described
          in this Code section.
(d)       
          A corporation may not indemnify a director under this Code section:
(1)
In connection with a proceeding by or in the right of the corporation, except
          for reasonable expenses incurred in connection with the proceeding if it is
          determined that the director has met the relevant standard of conduct under this
          Code section; or
(2)
In connection with any proceeding with respect to conduct for which he or she
          was adjudged liable on the basis that personal benefit was improperly received
          by him or her, whether or not involving action in his or her official capacity.
14-2-852.    
          MANDATORY INDEMNIFICATION.
A
corporation shall indemnify a director who was wholly successful, on the merits or
otherwise, in the defense of any proceeding to which he or she was a party because he or
she was a director of the corporation against reasonable expenses incurred by the director
in connection with the proceeding.
14-2-853.    
          ADVANCE FOR EXPENSES.
(a)       
          A corporation may, before final disposition of a proceeding, advance funds to
          pay for or reimburse the reasonable expenses incurred by a director who is a
          party to a proceeding because he or she is a director if he or she delivers to
          the corporation:
(1)
A written affirmation of his or her good faith belief that he or she has met
          the relevant standard of conduct described in Code Section 14-2-851 or that the
          proceeding involves conduct for which liability has been eliminated under a
          provision of the articles of incorporation as authorized by paragraph (4) of
          subsection (b) of Code Section 14-2-202; and
(2)
His or her written undertaking to repay any funds advanced if it is ultimately
          determined that the director is not entitled to indemnification under this part.
(b)       
          The undertaking required by paragraph (2) of subsection (a) of this Code section
          must be an unlimited general obligation of the director but need not be secured
          and may be accepted without reference to the financial ability of the director
          to make repayment.
(c)       
          Authorizations under this Code section shall be made:
(1)
By the board of directors:
(A)
When there are two or more disinterested directors, by a majority vote of all
          the disinterested directors (a majority of whom shall for such purpose
          constitute a quorum) or by a majority of the members of a committee of two or
          more disinterested directors appointed by such a vote; or
(B)
When there are fewer than two disinterested directors, by the vote necessary
          for action by the board in accordance with subsection (c) of Code Section
          14-2-824, in which authorization directors who do not qualify as disinterested
          directors may participate; or
(2)
By the shareholders, but shares owned or voted under the control of a director
          who at the time does not qualify as a disinterested director with respect to the
          proceeding may not be voted on the authorization.
14-2-854.    
          COURT-ORDERED INDEMNIFICATION AND ADVANCES FOR EXPENSES.
(a)       
          A director who is a party to a proceeding because he or she is a director may
          apply for indemnification or advance for expenses to the court conducting the
          proceeding or to another court of competent jurisdiction. After receipt of an
          application and after giving any notice it considers necessary, the court shall:
(1)
Order indemnification or advance for expenses if it determines that the
          director is entitled to indemnification under this part; or
(2)
Order indemnification or advance for expenses if it determines, in view of all
          the relevant circumstances, that it is fair and reasonable to indemnify the
          director or to advance expenses to the director, even if the director has not
          met the relevant standard of conduct set forth in subsections (a) and (b) of
          Code Section 14-2-851, failed to comply with Code Section 14-2-853, or was
          adjudged liable in a proceeding referred to in paragraph (1) or (2) of
          subsection (d) of Code Section 14-2-851, but if the director was adjudged so
          liable, the indemnification shall be limited to reasonable expenses incurred in
          connection with the proceeding.
(b)       
          If the court determines that the director is entitled to indemnification or
          advance for expenses under this part, it may also order the corporation to pay
          the director's reasonable expenses to obtain court-ordered indemnification
          or advance for expenses.
14-2-855.    
          DETERMINATION AND AUTHORIZATION OF INDEMNIFICATION.
(a)       
          A corporation may not indemnify a director under Code Section 14-2-851 unless
          authorized thereunder and a determination has been made for a specific
          proceeding that indemnification of the director is permissible in the
          circumstances because he or she has met the relevant standard of conduct set
          forth in Code Section 14-2-851.
(b)       
          The determination shall be made:
(1)
If there are two or more disinterested directors, by the board of directors by
          a majority vote of all the disinterested directors (a majority of whom shall for
          such purpose constitute a quorum) or by a majority of the members of a committee
          of two or more disinterested directors appointed by such a vote;
(2)
By special legal counsel:
(A)
Selected in the manner prescribed in paragraph (1) of this subsection; or
(B)
If there are fewer than two disinterested directors, selected by the board of
          directors (in which selection directors who do not qualify as disinterested
          directors may participate); or
(3)
By the shareholders, but shares owned by or voted under the control of a
          director who at the time does not qualify as a disinterested director may not be
          voted on the determination.
(c)       
          Authorization of indemnification or an obligation to indemnify and evaluation as
          to reasonableness of expenses shall be made in the same manner as the
          determination that indemnification is permissible, except that if there are
          fewer than two disinterested directors or if the determination is made by
          special legal counsel, authorization of indemnification and evaluation as to
          reasonableness of expenses shall be made by those entitled under subparagraph
          (b)(2)(B) of this Code section to select special legal counsel.
14-2-856.    
          SHAREHOLDER APPROVED INDEMNIFICATION.
(a)       
          If authorized by the articles of incorporation or a bylaw, contract, or
          resolution approved or ratified by the shareholders by a majority of the votes
          entitled to be cast, a corporation may indemnify or obligate itself to indemnify
          a director made a party to a proceeding including a proceeding brought by or in
          the right of the corporation, without regard to the limitations in other Code
          sections of this part, but shares owned or voted under the control of a director
          who at the time does not qualify as a disinterested director with respect to any
          existing or threatened proceeding that would be covered by the authorization may
          not be voted on the authorization.
(b)       
          The corporation shall not indemnify a director under this Code section for any
          liability incurred in a proceeding in which the director is adjudged liable to
          the corporation or is subjected to injunctive relief in favor of the
          corporation:
(1)
For any appropriation, in violation of the director's duties, of any
          business opportunity of the corporation;
(2)
For acts or omissions which involve intentional misconduct or a knowing
          violation of law;
(3)
For the types of liability set forth in Code Section 14-2-832; or
(4)
For any transaction from which he or she received an improper personal benefit.
(c)       
          Where approved or authorized in the manner described in subsection (a) of this
          Code section, a corporation may advance or reimburse expenses incurred in
          advance of final disposition of the proceeding only if:
(1)
The director furnishes the corporation a written affirmation of his or her good
          faith belief that his or her conduct does not constitute behavior of the kind
          described in subsection (b) of this Code section; and
(2)
The director furnishes the corporation a written undertaking, executed
          personally or on his or her behalf, to repay any advances if it is ultimately
          determined that the director is not entitled to indemnification under this Code
          section.
14-2-857.    
          INDEMNIFICATION OF OFFICERS, EMPLOYEES, AND AGENTS.
(a)       
          A corporation may indemnify and advance expenses under this part to an officer
          of the corporation who is a party to a proceeding because he or she is an
          officer of the corporation:
(1)
To the same extent as a director; and
(2)
If he or she is not a director, to such further extent as may be provided by the
          articles of incorporation, the bylaws, a resolution of the board of directors,
          or contract except for liability arising out of conduct that constitutes:
(A)
Appropriation, in violation of his or her duties, of any business opportunity
          of the corporation;
(B)
Acts or omissions which involve intentional misconduct, or a knowing violation
          of law;
(C)
The types of liability set forth in Code Section 14-2-832; or
(D)
Receipt of an improper personal benefit.
(b)       
          The provisions of paragraph (2) of subsection (a) of this Code section shall
          apply to an officer who is also a director if the sole basis on which he or she
          is made a party to the proceeding is an act or omission solely as an officer.
(c)       
          An officer of the corporation who is not a director is entitled to mandatory
          indemnification under Code Section 14-2-852, and may apply to a court under Code
          Section 14-2-854 for indemnification or advances for expenses, in each case to
          the same extent to which a director may be entitled to indemnification or
          advances for expenses under those provisions.
(d)       
          A corporation may also indemnify and advance expenses to an employee or agent
          who is not a director to the extent, consistent with public policy, that may be
          provided by its articles of incorporation, bylaws, general or specific action of
          its board of directors, or contract.
14-2-858.    
          INSURANCE
A
corporation may purchase and maintain insurance on behalf of an individual who is a
director, officer, employee, or agent of the corporation or who, while a director,
officer, employee, or agent of the corporation, serves at the corporation's request
as a director, officer, partner, trustee, employee, or agent of another domestic or
foreign corporation, partnership, joint venture, trust, employee benefit plan, or other
entity against liability asserted against or incurred by him or her in that capacity or
arising from his or her status as a director, officer, employee, or agent, whether or not
the corporation would have power to indemnify or advance expenses to him or her against
the same liability under this part.
14-2-859.    
          APPLICATION OF PART
(a)       
          A corporation may, by a provision in its articles of incorporation or bylaws or
          in a resolution adopted or a contract approved by its board of directors or
          shareholders, obligate itself in advance of the act or omission giving rise to a
          proceeding to provide indemnification or advance funds to pay for or reimburse
          expenses consistent with this part. Any such obligatory provision shall be
          deemed to satisfy the requirements for authorization referred to in subsection
          (c) of Code Section 14-2-853 or subsection (c) of Code Section 14-2-855. Any
          such provision that obligates the corporation to provide indemnification to the
          fullest extent permitted by law shall be deemed to obligate the corporation to
          advance funds to pay for or reimburse expenses in accordance with Code Section
          14-2-853 to the fullest extent permitted by law, unless the provision
          specifically provides otherwise.
(b)       
          Any provision pursuant to subsection (a) of this Code section shall not obligate
          the corporation to indemnify or advance expenses to a director of a predecessor
          of the corporation, pertaining to conduct with respect to the predecessor,
          unless otherwise specifically provided. Any provision for indemnification or
          advance for expenses in the articles of incorporation, bylaws, or a resolution
          of the board of directors or shareholders, partners, or, in the case of limited
          liability companies, members or managers of a predecessor of the corporation or
          other entity in a merger or in a contract to which the predecessor is a party,
          existing at the time the merger takes effect, shall be governed by paragraph (3)
          of subsection (a) of Code Section 14-2-1106.
(c)       
          A corporation may, by a provision in its articles of incorporation, limit any of
          the rights to indemnification or advance for expenses created by or pursuant to
          this part.
(d)       
          This part does not limit a corporation's power to pay or reimburse expenses
          incurred by a director or an officer in connection with his or her appearance as
          a witness in a proceeding at a time when he or she is not a party.
(e)       
          Except as expressly provided in Code Section 14-2-857, this part does not limit
          a corporation's power to indemnify, advance expenses to, or provide or
          maintain insurance on behalf of an employee or agent.
RESTATED AND AMENDED
ARTICLES OF INCORPORATION AND BYLAWS
As
permitted by the GBCC, the Registrant's Restated and Amended Articles of
Incorporation provide that a director shall not be personally liable to the Registrant or
its shareholders for monetary damages for breach of duty of care or other duty as a
director, except that such provision shall not eliminate or limit the liability of a
director (a) for any appropriation, in violation of his duties, of any business
opportunity of the Registrant, (b) for acts or omissions that involve intentional
misconduct or a knowing violation of law, (c) for unlawful corporate distributions under
Section 14-2-832 of the GBCC or (d) for any transaction from which the director derived an
improper personal benefit.
Under
Article VI of the Registrant's Bylaws, the Registrant is required to indemnify any
person who is made or threatened to be made a party to any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative or
investigative and whether formal or informal (including any action by or in the right of
the Registrant), by reason of the fact that he is or was a director, officer, agent or
employee of the Registrant against expenses (including reasonable attorneys' fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by him in
connection with such proceeding provided that such person shall not be indemnified in any
proceeding in which he is adjudged liable to the Registrant for (i) any appropriation, in
violation of his duties, of any business opportunity of the Registrant, (ii) acts or
omissions which involve intentional misconduct or knowing violation of law, (iii) unlawful
corporate distributions or (iv) any transaction from which such person received improper
personal benefit. Expenses incurred by any person according to the foregoing provisions
shall be paid by the Registrant in advance of the final disposition of such proceeding
upon receipt of the written affirmation of such person's good faith belief that he
has met the standards of conduct required under the Bylaws.
Item 8. Exhibits
Exhibit
Description
4.1
Restated and Amended Articles of Incorporation of the Registrant, as amended August 9,
1999 (incorporated by reference to Exhibit 3.1 to the Registrant's Quarterly Report
on Form 10-Q for the three months ended June 30, 2002)
4.2
Bylaws of the Registrant, as amended April 29, 1993 (incorporated by reference to Exhibit
3.2 to the Registrant's Quarterly Report on Form 10-Q for the three months ended June
30, 2002)
4.3
Cousins Properties Incorporated 1999 Incentive Stock Plan, as amended (filed as Annex A to
the Company's Definitive Proxy Statement on Schedule 14A, filed with the Commission
on March 25, 2003 and incorporated herein by reference)
5.1
Opinion of King & Spalding LLP
23.1
Consent of Deloitte & Touche LLP
23.2
Consent
of Ernst & Young LLP
23.3
Consent of King & Spalding LLP (included in  Exhibit 5.1)
24.1
Power of Attorney (included on signature page)
Item 9. Undertakings
(a)       
          The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a
          post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities
          Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective
          date of the Registration Statement (or the most recent post-effective amendment
          thereof) which, individually or in the aggregate, represent a fundamental change
          in the information set forth in the Registration Statement. Notwithstanding the
          foregoing, any increase or decrease in volume of securities offered (if the
          total dollar value of securities offered would not exceed that which was
          registered) and any deviation from the low or high end of the estimated maximum
          offering range may be reflected in the form of prospectus filed with the
          Commission pursuant to Rule 424(b) if, in the aggregate, the changes in
          volume and price represent no more than 20% change in the maximum aggregate
          offering price set forth in the "Calculation of Registration Fee"
          table in the effective registration statement; and
(iii)
To include any material information with respect to the plan of distribution
          not previously disclosed in the Registration Statement or any material change to
          such information in the Registration Statement;
provided,
however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed by the Registrant pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934 that are incorporated by reference in the
Registration Statement.
(2)
That, for the purpose of determining any liability under the Securities Act of
               1933, each such post-effective amendment shall be deemed to be a new
               registration statement relating to the securities offered therein, and the
               offering of such securities at that time shall be deemed to be the initial bona
               fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the
               securities being registered which remain unsold at the termination of the
               offering.
(b)
The undersigned Registrant hereby undertakes that, for purposes of determining
                    any liability under the Securities Act of 1933, each filing of the
                    Registrant's annual report pursuant to Section 13(a) or 15(d) of the
                    Securities Exchange Act of 1934 (and, where applicable, each filing of an
                    employee benefit plan's Annual Report pursuant to Section 15(d) of the
                    Securities Exchange Act of 1934) that is incorporated by reference in the
                    Registration Statement shall be deemed to be a new registration statement
                    relating to the securities offered therein, and the offering of such securities
                    at that time shall be deemed to be the initial bona fide offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act of
                    1933 may be permitted to directors, officers and controlling persons of the
                    Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
                    has been advised that in the opinion of the Commission such indemnification is
                    against public policy as expressed in the Act and is, therefore, unenforceable.
                    In the event that a claim for indemnification against such liabilities (other
                    than the payment by the Registrant of expenses incurred or paid by a director,
                    officer or controlling person of the Registrant in the successful defense of any
                    action, suit or proceeding) is asserted by such director, officer or controlling
                    person in connection with the securities being registered, the Registrant will,
                    unless in the opinion of its counsel the matter has been settled by controlling
                    precedent, submit to a court of appropriate jurisdiction the question whether
                    such indemnification by it is against public policy as expressed in the Act and
                    will be governed by the final adjudication of such issue.
EXPERTS
The
consolidated financial statements and the related financial statement schedules
incorporated in this Registration Statement by reference from the Annual Report on Form
10-K of Cousins Properties Incorporated for the year ended December 31, 2002, have been
audited by Deloitte & Touche LLP, independent auditors, as stated in their reports
(which reports express unqualified opinions and include an explanatory paragraph relating
to the impact of the adoption of Statements of Financial Accounting Standard No. 133 and
No. 144, and which is based in part on the report of other auditors), which are
incorporated herein by reference, and have been so incorporated in reliance upon the
report of such firm given upon their authority as experts in accounting and auditing.
The
financial statements and schedule of CSC Associates, L.P. appearing in the Annual Report
(Form 10-K) of Cousins Properties Incorporated for the year ended December 31, 2002, have
been audited by Ernst & Young, LLP, independent auditors, as set forth in their report
thereon included therein and incorporated herein by reference. Such financial statements
are incorporated herein by reference in reliance upon such report given on the authority
of said firm as experts in accounting and auditing.
SIGNATURES
Pursuant to the requirements of the
Securities Act of 1933, as amended, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in Cobb County, State of Georgia, on this 10th day of July,
2003.
COUSINS PROPERTIES INCORPORATED
By:
/s/ Tom G. Charlesworth
Tom G. Charlesworth
Executive Vice President, Chief Financial
Officer and Chief Investment Officer
KNOW ALL MEN BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints Tom G. Charlesworth and
James A. Fleming, and each of them, his or her true and lawful attorneys-in-fact and
agents, with full power of substitution and resubstitution, for such persons and in his or
her name, place and stead, in any and all capacities, to sign any and all amendments to
this Registration Statement, and to file the same with all exhibits thereto and other
documents in connection therewith, with the Commission, granting unto said
attorneys-in-fact and agents, and each of them, full power and authority to do and to
perform each and every act and thing requisite or necessary to be done in and about the
premises, as fully and to all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of
them, or their substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the
Securities Act of 1933, as amended, this Registration Statement has been signed by the
following persons in the capacity indicated on the 10th day of July, 2003.
Signature
Title
/s/ Thomas D. Bell, Jr.
Thomas D. Bell, Jr.
/s/ Tom G. Charlesworth
Tom G. Charlesworth
/s/ Michael A. Quinlan
Michael A. Quinlan
/s/ Thomas G. Cousins
Thomas G. Cousins
/s/ Richard W. Courts, II
Richard W. Courts, II
/s/ Lillian C. Giornelli
Lillian C. Giornelli
/s/ Terence C. Golden
Terence C. Golden
/s/ Boone A. Knox
Boone A. Knox
/s/ Hugh L. McColl,  Jr.
Hugh L. McColl, Jr.
William Porter Payne
President, Chief Financial Officer and Vice
Chairman of the Board of Directors
(Principal Executive Officer)
Executive Vice President, Chief Financial Officer
and Chief Investment Officer (Principal Financial
Officer)
Senior Vice President, Chief Accounting
Officer, Controller and Assistant Secretary
(Principal Accounting Officer)
Chairman of the Board of Directors
Director
Director
Director
Director
Director
Director
EXHIBIT INDEX
Exhibit
Description
4.1
Restated and Amended Articles of Incorporation of the Registrant, as amended August 9,
1999 (incorporated by reference to Exhibit 3.1 to the Registrant's Quarterly Report
on Form 10-Q for the three months ended June 30, 2002)
4.2
Bylaws of the Registrant, as amended April 29, 1993 (incorporated by reference to Exhibit
3.2 to the Registrant's Quarterly Report on Form 10-Q for the three months ended June
30, 2002)
4.3
Cousins Properties Incorporated 1999 Incentive Stock Plan, as amended (filed as Annex A to
the Company's Definitive Proxy Statement on Schedule 14A, filed with the Commission
on March 25, 2003 and incorporated herein by reference)
5.1
Opinion of King & Spalding LLP
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Ernst & Young LLP
23.3
Consent of King & Spalding LLP (included in Exhibit 5.1)
24.1
Power of Attorney (included on signature page)
EXHIBIT 5.1
[King & Spalding
LLP Letterhead]
July 10, 2003
Cousins Properties
Incorporated
2500 Windy Ridge Parkway
Atlanta, GA 30339-5683
Re:
Cousins Properties Incorporated — Form S-8 Registration Statement
Ladies and Gentlemen:
We
have acted as counsel for Cousins Properties Incorporated, a Georgia corporation (the
"Company"), in connection with the preparation of a Registration Statement on
Form S-8 (the "Registration Statement") to be filed with the Securities and
Exchange Commission. The Registration Statement relates to 1,000,000 shares of the
Company's common stock, par value $1.00 per share, to be issued pursuant to, or
issued upon the exercise of options granted pursuant to, the Cousins Properties
Incorporated 1999 Incentive Stock Plan (as amended, the "Plan") (all such shares
and options are referred to herein as the "Shares" and "Options,"
respectively).
As
such counsel, we have examined and relied upon such records, documents, certificates and
other instruments as in our judgment are necessary or appropriate to form the basis for
the opinions hereinafter set forth. In all such examinations, we have assumed the
genuineness of signatures on original documents and the conformity to such original
documents of all copies submitted to us as certified, conformed or photographic copies,
and as to certificates of public officials, we have assumed the same to have been properly
given and to be accurate.
For
purposes of this opinion, we have assumed the following: (1) the Shares that may be
issued pursuant to the Plan or upon exercise of the Options granted pursuant to the Plan
will continue to be duly authorized on the dates of such issuance and (2) on the date
on which any Option is exercised, such Option will have been duly executed, issued and
delivered by the Company and will constitute the legal, valid and binding obligation of
the Company, enforceable against the Company in accordance with its terms subject, as to
enforceability, to applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors' rights generally, general equitable principles and
the discretion of courts in granting equitable remedies.
The
opinions expressed herein are limited in all respects to the federal laws of the United
States of America and laws of the State of Georgia, and no opinion is expressed with
respect to the laws of any other jurisdiction or any effect which such laws may have on
the opinions expressed herein. This opinion is limited to the matters stated herein, and
no opinion is implied or may be inferred beyond the matters expressly stated herein.
Based
upon the foregoing and subject to the limitations, qualifications and assumptions set
forth herein, we are of the opinion that:
a.       
          The Shares are duly authorized; and
b.       
               When the Shares are issued pursuant to the Plan or upon exercise of the Options granted
                  pursuant to the Plan against payment therefor, as the case may be, as provided in the Plan,
                  such Shares will be validly issued, fully paid and nonassessable.
This opinion is given as of the date hereof, and we assume no obligation to advise you after the date
hereof of facts or circumstances that come to our attention or changes in law that occur which could affect the
opinions contained herein.  This letter is being rendered solely for the benefit of Cousins Properties
Incorporated in connection with the matters addressed herein.  This opinion may not be furnished to or relied
upon by any person or entity for any purpose without our prior written consent.
We consent to the filing of this opinion as an Exhibit to the Registration Statement.
Very truly yours
/s/ King & Spalding LLP
EXHIBIT 23.1
CONSENT OF INDEPENDENT
AUDITORS
We consent to the incorporation by
reference in this Registration Statement of Cousins Properties Incorporated on Form S-8 of
our reports dated February 14, 2003 (which reports express unqualified opinions and
include an explanatory paragraph relating to the impact of the adoption of Statements of
Financial Accounting Standard No. 133 and No. 144) appearing in and incorporated by
reference in the Annual Report on Form 10-K of Cousins Properties Incorporated for the
year ended December 31, 2002 and to the reference to us under the heading
"Experts" in the Prospectus, which is part of this Registration Statement.
/s/ DELOITTE & TOUCHE LLP
Atlanta, Georgia
July 9, 2003
EXHIBIT 23.2
CONSENT OF INDEPENDENT
AUDITORS
We consent to the reference to our
firm under the caption "Experts" and to the use of our report dated February 7,
2003, with respect to the financial statements and schedule of CSC Associates, L.P.
incorporated by reference in the Registration Statement on Form S-8 and related Prospectus
of Cousins Properties Incorporated for the registration of 1,000,000 shares of its Common
Stock.
/s/ ERNST & YOUNG LLP
Atlanta, Georgia
July 7, 2003