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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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Chapter2. BUSINESS CORPORATIONS. |
| Article 1. General Provisions. |
| Division A. Short Title and Applicability. |
| § 10A-2-1.01. Short title and applicability. |
| Division B. Filing Instruments. |
| § 10A-2-1.20. Filing instruments. |
| § 10A-2-1.21. Filing fees. |
| § 10A-2-1.22. Reserved. |
| Division C. |
| § 10A-2-1.40. Definitions applicable to business corporations. |
| § 10A-2-1.41. Notice. |
| Article 2. Formation and Governing Documents. |
| § 10A-2-2.01. Incorporators. |
| § 10A-2-2.02. Supplemental provisions required or permitted in articles of incorporation. |
| § 10A-2-2.03. Incorporation. |
| § 10A-2-2.04. Liability for preincorporation transactions. |
| § 10A-2-2.05. Organization of corporation. |
| § 10A-2-2.06. Bylaws. |
| § 10A-2-2.07. Emergency bylaws. |
| § 10A-2-2.08. Incorporation by purchasers of property or franchise of corporation. |
| Article 3. Purposes and Powers. |
| § 10A-2-3.01. Purpose. |
| § 10A-2-3.02. General powers. |
| § 10A-2-3.03. Emergency powers. |
| § 10A-2-3.04. Ultra vires. |
| Article 4. Reserved. |
| Article 5. Reserved. |
| Article 6. Shares and Distributions. |
| Division A. Shares. |
| § 10A-2-6.01. Authorized shares. |
| § 10A-2-6.02. Terms of class or series determined by board of directors. |
| § 10A-2-6.03. Issued and outstanding shares. |
| § 10A-2-6.04. Fractional shares. |
| Division B. Issuance of Shares. |
| § 10A-2-6.20. Subscription for shares before incorporation. |
| § 10A-2-6.21. Issuance of shares. |
| § 10A-2-6.22. Liability of shareholders and subscribers. |
| § 10A-2-6.23. Share dividends. |
| § 10A-2-6.24. Share options. |
| § 10A-2-6.25. Corporate shares as personal property; transferability. |
| § 10A-2-6.26. Reserved. |
| § 10A-2-6.27. Restriction on transfer of shares and other securities. |
| § 10A-2-6.28. Expense of issue. |
| Division C. Subsequent Acquisition of Shares by Shareholders and Corporation. |
| § 10A-2-6.30. Shareholders' preemptive rights. |
| § 10A-2-6.31. Corporation's acquisition of its own shares. |
| § 10A-2-6.32. Cancellation of reacquired shares. |
| Division D. Distributions. |
| § 10A-2-6.40. Distributions to shareholders. |
| Article 7. Shareholders. |
| Division A. Meetings. |
| § 10A-2-7.01. Annual meeting. |
| § 10A-2-7.02. Special meeting. |
| § 10A-2-7.03. Court-ordered meeting. |
| § 10A-2-7.04. Action without meeting. |
| § 10A-2-7.05. Notice of meeting. |
| § 10A-2-7.06. Waiver of notice. |
| § 10A-2-7.07. Record date. |
| Division B. Voting. |
| § 10A-2-7.20. Shareholders' list for meeting. |
| § 10A-2-7.21. Voting entitlement of shares. |
| § 10A-2-7.22. Proxies. |
| § 10A-2-7.23. Shares held by nominees. |
| § 10A-2-7.24. Corporation's acceptance of votes. |
| § 10A-2-7.25. Quorum and voting requirements for voting groups. |
| § 10A-2-7.26. Action by single and multiple voting groups. |
| § 10A-2-7.27. Greater quorum or voting requirements. |
| § 10A-2-7.28. Voting for directors; cumulative voting. |
| Division C. Voting Trusts and Agreements. |
| § 10A-2-7.30. Voting trust. |
| § 10A-2-7.31. Voting agreements. |
| § 10A-2-7.32. Shareholder agreements. |
| Division D. Infant Stockholders. |
| § 10A-2-7.33. Corporation without notice of infancy may treat infant as having capacity to vote, transfer, etc. |
| § 10A-2-7.34. Infant not entitled to disaffirm as against corporation without notice of infancy. |
| § 10A-2-7.35. Right of infant to receive dividends in own name. |
| § 10A-2-7.36. Effect of chapter on Transfers to Minors Act, etc. |
| Article 8. Directors and Officers. |
| Division A. Board of Directors. |
| § 10A-2-8.01. Requirements for and duties of board of directors. |
| § 10A-2-8.02. Qualifications of directors. |
| § 10A-2-8.03. Number and election of directors. |
| § 10A-2-8.04. Election of directors by certain classes of shareholders. |
| § 10A-2-8.05. Terms of directors generally. |
| § 10A-2-8.06. Staggered terms for directors. |
| § 10A-2-8.07. Resignation of directors. |
| § 10A-2-8.08. Removal of directors by shareholders. |
| § 10A-2-8.09. Removal of directors by judicial proceeding. |
| § 10A-2-8.10. Vacancy on board. |
| § 10A-2-8.11. Compensation of directors, |
| Division B. Meetings and Actions of the Board. |
| § 10A-2-8.20. Meetings. |
| § 10A-2-8.21. Action without meeting. |
| § 10A-2-8.22. Notice of meeting. |
| § 10A-2-8.23. Waiver of notice. |
| § 10A-2-8.24. Quorum and voting. |
| § 10A-2-8.25. Committees. |
| Division C. Standards of Conduct. |
| § 10A-2-8.30. General standards for directors. |
| § 10A-2-8.31. Fiduciary obligations not impaired. |
| § 10A-2-8.32. Depreciating stocks or bonds of corporation with intent to buy. |
| § 10A-2-8.33. Liability for unlawful distributions. |
| Division D. Officers. |
| § 10A-2-8.40. Required officers. |
| § 10A-2-8.41. Duties of officers. |
| § 10A-2-8.42. Standards of conduct for officers. |
| § 10A-2-8.43. Resignation and removal of officers. |
| § 10A-2-8.44. Contract rights of officers. |
| Division E. Indemnification. |
| § 10A-2-8.50. Definitions. |
| § 10A-2-8.51. Authority to indemnify. |
| § 10A-2-8.52. Mandatory indemnification. |
| § 10A-2-8.53. Advance for expenses. |
| § 10A-2-8.54. Court-ordered indemnification. |
| § 10A-2-8.55. Determination and authorization of indemnification. |
| § 10A-2-8.56. Indemnification of officers, employees, and agents. |
| § 10A-2-8.57. Insurance. |
| § 10A-2-8.58. Application of indemnification provisions. |
| Division F. Directors' Conflicting Interest Transactions. |
| § 10A-2-8.60. Definitions. |
| § 10A-2-8.61. Judicial action. |
| § 10A-2-8.62. Directors' action. |
| § 10A-2-8.63. Shareholders' action. |
| Article 9. Reserved. |
| Article 10. Amendment of Articles of Incorporation and Bylaws. |
| Division A. Amendment of Articles of Incorporation. |
| § 10A-2-10.01. Authority to amend articles of incorporation. |
| § 10A-2-10.02. Amendment by board of directors. |
| § 10A-2-10.03. Amendment by board of directors and shareholders. |
| § 10A-2-10.04. Voting on amendments by voting groups. |
| § 10A-2-10.05. Amendment before issuance of shares. |
| § 10A-2-10.06. Articles of amendment. |
| § 10A-2-10.07. Restated articles of incorporation. |
| § 10A-2-10.08. Amendment pursuant to reorganization. |
| § 10A-2-10.09. Effect of amendment. |
| Division B. Amendment of Bylaws. |
| § 10A-2-10.20. Amendment by board of directors or shareholders. |
| § 10A-2-10.21. Bylaw increasing quorum or voting requirement for shareholders. |
| § 10A-2-10.22. Bylaw increasing quorum or voting requirement for directors. |
| Article 11. Merger and Share Exchange. |
| § 10A-2-11.01. Merger. |
| § 10A-2-11.02. Share exchange. |
| § 10A-2-11.03. Action on plan. |
| § 10A-2-11.04. Merger of subsidiary. |
| § 10A-2-11.05. Articles of merger or share exchange. |
| § 10A-2-11.06. Effect of merger or share exchange. |
| § 10A-2-11.07. Merger or share exchange with foreign corporation. |
| § 10A-2-11.08. Nonexclusive. |
| Article 12. Sale or Mortgage of Assets. |
| § 10A-2-12.01. Sale of assets in regular course of business and mortgage of assets. |
| § 10A-2-12.02. Sale of assets other than in regular course of business. |
| Article 13. Dissenters' Rights. |
| Division A. Right to Dissent and Obtain Payment for Shares. |
| § 10A-2-13.01. Definitions. |
| § 10A-2-13.02. Right to dissent. |
| § 10A-2-13.03. Dissent by nominees and beneficial owners. |
| Division B. Procedure for Exercise of Dissenters' Rights. |
| § 10A-2-13.20. Notice of dissenters' rights. |
| § 10A-2-13.21. Notice of intent to demand payment. |
| § 10A-2-13.22. Dissenters' notice. |
| § 10A-2-13.23. Duty to demand payment. |
| § 10A-2-13.24. Share restriction. |
| § 10A-2-13.25. Offer of payment. |
| § 10A-2-13.26. Failure to take corporate action. |
| § 10A-2-13.27. Reserved. |
| § 10A-2-13.28. Procedure if shareholder dissatisfied with offer to payment. |
| Division C. Judicial Appraisal of Shares. |
| § 10A-2-13.30. Court action. |
| § 10A-2-13.31. Court costs and counsel fees. |
| § 10A-2-13.32. Status of shares after payment. |
| Article 14. Dissolution. |
| Division A. Voluntary Dissolution. |
| § 10A-2-14.01. Dissolution by incorporators or initial directors |
| § 10A-2-14.02. Dissolution by board of directors and shareholders. |
| § 10A-2-14.03. Articles of dissolution. |
| § 10A-2-14.04. Revocation of dissolution. |
| § 10A-2-14.05. Effect of dissolution. |
| Division B. Administrative Dissolution. |
| § 10A-2-14.20. Grounds for administrative dissolution. |
| § 10A-2-14.21. Procedure for and effect of administrative dissolution. |
| § 10A-2-14.22. Reinstatement following administrative dissolution. |
| § 10A-2-14.23. Appeal from denial of reinstatement. |
| Division C. Judicial Dissolution. |
| § 10A-2-14.30. Grounds for judicial dissolution. |
| § 10A-2-14.31. Procedure for judicial dissolution. |
| § 10A-2-14.32. Receivership or custodianship. |
| § 10A-2-14.33. Decree of dissolution. |
| § 10A-2-14.34. Election to purchase in lieu of dissolution. |
| Division D. Miscellaneous. |
| § 10A-2-14.40. Deposit with State Treasurer. |
| Article 15. Foreign Corporations. |
| Division A. Registration. |
| § 10A-2-15.01. Registration required to transact business. |
| § 10A-2-15.02. Consequences of transacting business without registering. |
| Division B. Reserved. |
| Division C. Reserved. |
| Division D. Acting in a Fiduciary Capacity. |
| § 10A-2-15.40. Definitions. |
| § 10A-2-15.41. Authority of foreign corporation to act as fiduciary. |
| § 10A-2-15.42. Filing of verified statement with Commissioner of Revenue by foreign corporation prior to acting as fiduciary. |
| § 10A-2-15.43. Foreign corporation acting as fiduciary not deemed doing business in this state. |
| § 10A-2-15.44. Foreign corporation previously acting in fiduciary capacity in state. |
| § 10A-2-15.45. Service of process on foreign corporation acting in fiduciary capacity. |
| Article 16. Records and Reports. |
| Division A. Records. |
| § 10A-2-16.01. Corporate records. |
| § 10A-2-16.02. Inspection of records by shareholders. |
| § 10A-2-16.03. Scope of inspection right. |
| § 10A-2-16.04. Court-ordered inspection. |
| Division B. Reports. |
| § 10A-2-16.20. Financial statements for shareholders. |
| § 10A-2-16.21. Other reports to shareholders. |
| § 10A-2-16.22. Annual report for Secretary of State. |
| Article 17. Application. |
| § 10A-2-17.01. Application to existing domestic corporations. |
| § 10A-2-17.02. Application to qualified foreign corporations. |