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10A-2A-6.04
Section 10A-2A-6.04 Fractional stock. (a) A corporation may issue fractions of a share of stock
or in lieu of doing so may: (1) pay in cash the value of fractions of a share of stock; (2)
issue scrip in registered or bearer form entitling the holder to receive a full share of stock
upon surrendering enough scrip to equal a full share of stock; or (3) arrange for disposition
of fractional stock by the holders of that stock. (b) Each certificate representing scrip
must be conspicuously labeled "scrip" and must contain the information required
by Section 10A-1-3.42(c). (c) The holder of a fractional share of stock is entitled to exercise
the rights of a stockholder, including the rights to vote, to receive dividends, and to receive
distributions upon dissolution. The holder of scrip is not entitled to any of these rights
unless the scrip provides for them. (d) The board of directors may authorize the issuance
of scrip subject to any condition, including that: (1) the scrip will become...
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11-20-37
Section 11-20-37 Powers generally; location and operation of projects. (a) The corporation
shall have the following powers, together with all powers incidental thereto or necessary
for the performance of those stated in this subsection: (1) To have succession by its corporate
name for the period specified in the certificate of incorporation unless sooner dissolved
as provided in this article; (2) To sue and be sued and to prosecute and defend civil actions
in any court having jurisdiction of the subject matter and of the parties; (3) To have and
to use a corporate seal and to alter the same at pleasure; (4) To acquire, whether by purchase,
construction, exchange, gift, lease or otherwise, improve, maintain, equip and furnish one
or more projects, including all real and personal properties which the board of directors
of the corporation may deem necessary in connection therewith and regardless of whether or
not any such projects or any part thereof shall then be in existence; (5) To...
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45-49-90.07
Section 45-49-90.07 Powers of corporation; location of industrial park. (a) The corporation
shall have all of the following powers, together with all powers incidental thereto or necessary
for the performance of those stated in this subsection: (1) To have succession by its corporate
name for the period specified in the certificate of incorporation unless sooner dissolved
as provided in this part. (2) To sue and be sued and to prosecute and defend civil actions
in any court having jurisdiction of the subject matter and of the parties. (3) To have and
to use a corporate seal and to alter the same at pleasure. (4) To acquire, whether by purchase,
construction, exchange, gift, lease or otherwise, improve, maintain, equip, and furnish one
or more industrial parks, including all real and personal properties which the board of directors
of the corporation may deem necessary in connection therewith and regardless of whether or
not any such industrial parks or any part thereof shall then be in...
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11-95-2
Section 11-95-2 Definitions. The following words and phrases used in this chapter, and others
evidently intended as the equivalent thereof, shall, in the absence of clear implication herein
otherwise, be given the following respective interpretations herein and shall, except where
the context otherwise requires, be deemed to cover both singular and plural: (1) ALTERNATING
DIRECTOR. The director initially elected by the governing body of the authorizing municipality
and thereafter alternately by the governing bodies of the authorizing county and the authorizing
municipality. (2) APPLICANT. A natural person who files a written application with the governing
body of any county and with the governing body of any municipality located wholly or partially
within such county in accordance with the provisions of Section 11-95-3. (3) AUTHORIZING COUNTY.
Any county the governing body of which shall have adopted an authorizing resolution. (4) AUTHORIZING
MUNICIPALITY. Any municipality the...
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22-23A-8
Section 22-23A-8 Bonds - Procedure for sale. The bonds and other evidences of indebtedness
of the authority may be sold at such time or times as the board of directors may deem advantageous.
The bonds shall be sold by competitive sale unless because of market conditions and/or credit
structures such a sale would be disadvantageous to the state. In the event such a determination
is made by the board of directors, the bonds shall be sold through a negotiated sale and the
managing underwriter(s) shall be selected based on criteria, which shall include but not be
limited to, experience, ability, responsiveness, and fee structure. Said criteria shall be
established by the board of directors and shall be included in a request for proposals for
the managing underwriter(s). Bonds sold at public sale shall be awarded to the bidder whose
bid reflects the lowest true interest cost to the authority for the bonds being sold, computed
to their respective absolute maturities; provided, that if no bid...
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10A-2A-6.23
Section 10A-2A-6.23 Stock dividends. (a) Unless the certificate of incorporation provides otherwise,
stock may be issued pro rata and without consideration to the corporation's stockholders or
to the stockholders of one or more classes or series of stock. An issuance of stock under
this subsection is a stock dividend. (b) Stock of one class or series may not be issued as
a stock dividend in respect of stock of another class or series unless (i) the certificate
of incorporation so authorizes, (ii) a majority of the votes entitled to be cast by the class
or series to be issued approve the issuance, or (iii) there is no outstanding stock of the
class or series to be issued. (c) The board of directors may fix the record date for determining
stockholders entitled to a stock dividend, which date may not be retroactive. If the board
of directors does not fix the record date for determining stockholders entitled to a stock
dividend, the record date is the date the board of directors authorizes...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-6.23.htm - 1K - Match Info - Similar pages
11-50-170
Section 11-50-170 Authorized; terms; adoption of resolutions authorizing transfer. (a) Every
public corporation heretofore or hereafter organized or created in this state pursuant to
authorization or determination by a municipality or its governing body, which public corporation
now or hereafter owns a water system or systems, and any municipality in this state in which
any part of such water system or systems is situated are each hereby authorized, without the
necessity of an election of qualified voters of any such municipality or of any other approval
or proceeding other than those specifically prescribed in this article, to transfer and convey
such system or systems and all right, title, and interest therein, including, without limitation,
all reversionary, residuary, or remainder rights provided by law to any other public corporation,
the certificate of incorporation of which was filed in the office of the probate judge of
the same county in which was filed the certificate of...
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2-6-76
Section 2-6-76 Powers of corporation - Issuance and sale of securities. (a) The corporation
is authorized to issue and sell its interest-bearing or noninterest-bearing securities, in
one or more series, not exceeding $6,000,000.00, in aggregate principal amount, to provide
funds to be used by the Board of Agriculture and Industries in the construction, acquisition
and installation of a market facility and to be used by the Agricultural Center Board in the
renovation of the coliseum. (b) The principal of, premium, if any, and interest on any securities
or series of securities of the corporation the proceeds of which are devoted to the construction,
acquisition and installation of the market facility shall be payable from and secured by a
pledge of all rents, leases, charges or other revenues derived or realized from leases to
the public of said market facility after deduction of costs of operation. The principal of,
premium, if any, and interest on any securities or series of securities...
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10A-2-1.40
Section 10A-2-1.40 Definitions applicable to business corporations. In this chapter: REPEALED
IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. (1) "Articles of incorporation" include amended and restated articles
of incorporation and, in the case of a corporation existing on January 1, 1981, its certificate
of incorporation, including any amended certificate, and also include, except where the context
otherwise requires, articles of merger. The term "articles of incorporations" as
used in this chapter is synonymous with the term "certificate of formation" employed
in Chapter 1. (2) "Authorized shares" means the shares of all classes a domestic
or foreign business corporation is authorized to issue. (3) "Corporation" or "domestic
corporation" means a business corporation, which is not a foreign corporation, incorporated
under or subject to the provisions of this chapter. (4) "Distribution" means a direct
or indirect...
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11-89C-4
Section 11-89C-4 Powers of public corporation; requirements for development or adoption of
rules, procedures, ordinances, etc. (a) When expressly required to comply with storm water
laws, any public corporation created pursuant to this chapter shall have the following powers:
(1) To establish, maintain, and operate an organizational structure pursuant to this chapter,
its original or amended certification, and its bylaws or other rules of procedure, that will
enable it to implement the storm water laws for and on behalf of any governing body that exercises
the option to participate in or with a public corporation, provided that no new or greater
authorities or powers other than those specifically granted to the governing bodies are conferred
upon any public corporation formed pursuant to this chapter. Except for the authority provided
in subdivision (20), authority to enforce the storm water laws is retained wholly and exclusively
to the governing bodies and may not be further...
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