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Alabama Code (Last Updated: November 28, 2014) |
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Title10A ALABAMA BUSINESS AND NONPROFIT ENTITIES CODE. |
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Chapter30. PROVISIONS APPLICABLE TO EXISITING ENTITIES OF A TYPE THAT MAY NO LONGER BE FORMED:UNINCORPORATED PROFESSIONAL ASSOCIATIONS AND CLOSE CORPORATIONS. |
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Article1. Unincorporated Professional Associations. |
§10A-30-1.09. Powers; conveyances; exemption from liability; applicable to professional associations formed prior to January 1, 1984.
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A professional association organized pursuant to the provisions of this article may contract in its own name, take, hold, and sell real and personal property in its own name, independent of its members, and sue and be sued as independent entities as now provided by law. Any conveyance in the name of the professional association to a third person executed by the president and attested by the secretary shall be conclusively presumed to be properly executed and shall divest all right, title, and interest of the professional association, its members, and the board of governors thereof. The assets of a professional association shall not be liable to attachment for the individual debts of its members or shareholders.