 |
Alabama Code (Last Updated: November 28, 2014) |
 |
Title10A ALABAMA BUSINESS AND NONPROFIT ENTITIES CODE. |
|
Chapter30. PROVISIONS APPLICABLE TO EXISITING ENTITIES OF A TYPE THAT MAY NO LONGER BE FORMED:UNINCORPORATED PROFESSIONAL ASSOCIATIONS AND CLOSE CORPORATIONS. |
|
Article2. Close Corporations. |
§10A-30-2.03. Formation of a close corporation; applicable to corporations formed as close corporations before January 1, 1995.
Latest version.
-
A close corporation shall be formed in accordance with former Sections 10-2A-90 through 10-2A-96, or any successor statute, including Article 2 of Chapter 2, except that such formation must be authorized by the affirmative vote of all holders of and subscribers to shares of the corporation, and:
(1) The certificate of formation shall contain a heading stating the name of the corporation and that it is a close corporation; and
(2) The certificate of formation shall contain the provisions required by Section 10A-30-2.02; and
(3) Each certificate for shares shall conspicuously note the fact that the corporation is a close corporation and make reference to the restriction on transfer of shares set forth in the certificate of formation.