Retail merchants; authority to form corporation.

Whenever 10 or more retail merchants wish to form an association, cooperative society, or corporation for nonprofit purposes in the sense of not paying interest or dividends on stock, but for mutual benefit through the application of cooperation or other economic principles, they may become a body corporate in the manner provided in Chapter 4.

(Acts 1915, No. 412, p. 368; Code 1923, §7162; Code 1940, T. 10, §151; Acts 1984, No. 84-290, p. 502, §93; §10-4-260; amended and renumbered by Act 2009-513, p. 967, §348.)