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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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Article2. Close Corporations. |
§10A-30-2.01. Law applicable to close corporations; applicable to corporations formed as close corporations or electing close corporation status prior to January 1, 1995.
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(a) This article applies to all close corporations, as defined in Section 10A-30-2.02.
(b) All provisions of this article shall be applicable to all close corporations as defined in Section 10A-30-2.02 except insofar as this article otherwise provides.
(c) Neither election to become, nor operation as, a close corporation shall deprive any shareholder of such corporation of the limitation of liability provided under former Section 10-2A-43 or a successor statute, including Section 10A-2-6.22.
(d) This chapter shall apply only to close corporations formed in accordance with Section 10A-30-2.03 before January 1, 1995, or electing to become a close corporation pursuant to Section 10A-30-2.04 before January 1, 1995, and which has not voluntarily terminated its status as a close corporation or otherwise ceased to be a close corporation to which the provisions of this article apply before January 1, 1995.