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10A-2-6.21
Section 10A-2-6.21 Issuance of shares. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94
EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) The powers granted
in this section to the board of directors may be reserved to the shareholders by the articles
of incorporation. (b) The board of directors may authorize shares to be issued for consideration
consisting of money, labor done or property actually received. (c) Before the corporation
issues shares, the board of directors must determine that the consideration received or to
be received before issuance for shares to be issued is adequate. That determination by the
board of directors is conclusive insofar as the adequacy of consideration for the issuance
of shares relates to whether the shares are validly issued, fully paid, and nonassessable.
(d) When the corporation receives the consideration for which the board of directors authorized
the issuance of shares, the shares issued therefor are fully paid, and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-6.21.htm - 1K - Match Info - Similar pages
10A-2A-6.21
Section 10A-2A-6.21 Issuance of stock. (a) The powers granted in this section to the board
of directors may be reserved to the stockholders by the certificate of incorporation. (b)
The board of directors may authorize stock to be issued for consideration consisting of a
contribution. (c) Before the corporation issues stock, the board of directors shall determine
that the consideration received or to be received for stock to be issued is adequate. That
determination by the board of directors is conclusive insofar as the adequacy of consideration
for the issuance of stock relates to whether the stock is validly issued, fully paid, and
nonassessable. (d) When the corporation receives the consideration for which the board of
directors authorized the issuance of stock, the stock issued therefor is fully paid and nonassessable.
(e) The corporation may place in escrow stock issued for a contract for future services or
benefits or a promissory note, or make other arrangements to restrict the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-6.21.htm - 1K - Match Info - Similar pages
10A-2-6.23
Section 10A-2-6.23 Share dividends. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE
JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Unless the articles of incorporation
provide otherwise, shares may be issued pro rata and without consideration to the corporation's
shareholders of one or more classes or series. An issuance of shares under this subsection
is a share dividend. (b) Shares of one class or series may not be issued as a share dividend
in respect of shares of another class or series unless (1) the articles of incorporation so
authorize, (2) a majority of the votes entitled to be cast by the class or series to be issued
approve the issue, or (3) there are no outstanding shares of the class or series to be issued.
(c) An issuance of shares under this section must also meet the requirements of the Constitution
of Alabama of 1901, as the same may be amended from time to time. (d) If the board of directors
does not fix the record date for determining...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-6.23.htm - 1K - Match Info - Similar pages
10A-3-6.01
Section 10A-3-6.01 Sale, lease, exchange, or mortgage of assets. A sale, lease, exchange, mortgage,
pledge or other disposition of all, or substantially all, the property and assets of a nonprofit
corporation may be made upon the terms and conditions and for the consideration, which may
consist in whole or in part of money or property, real or personal, including shares of any
corporation for profit, domestic or foreign, as may be authorized in the following manner:
(1) If there are members entitled to vote thereon, the board of directors shall adopt a resolution
recommending the sale, lease, exchange, mortgage, pledge or other disposition and directing
that it be submitted to a vote at a meeting of members entitled to vote thereon, which may
be either an annual or a special meeting. Written notice stating that the purpose, or one
of the purposes, of the meeting is to consider the sale, lease, exchange, mortgage, pledge,
or other disposition of all, or substantially all, the property...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-3-6.01.htm - 2K - Match Info - Similar pages
10A-2A-6.24
Section 10A-2A-6.24 Stock rights, options, warrants, and awards. (a) A corporation may issue
rights, options, or warrants for the purchase of stock or other securities of the corporation.
The board of directors shall determine (i) the terms and conditions upon which the rights,
options, or warrants are issued and (ii) the terms, including the consideration for which
the stock or other securities are to be issued. The authorization by the board of directors
for the corporation to issue rights, options, or warrants constitutes authorization of the
issuance of the stock or other securities for which the rights, options, or warrants are exercisable.
(b) The terms and conditions of rights, options, or warrants may include restrictions or conditions
that: (1) preclude or limit the exercise, transfer, or receipt of rights, options, or warrants
by any person or persons owning or offering to acquire a specified number or percentage of
the outstanding stock or other securities of the corporation...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-6.24.htm - 2K - Match Info - Similar pages
10A-2A-11.04
Section 10A-2A-11.04 Action on a plan of merger or stock exchange. In the case of a corporation
that is a constituent organization or the acquired entity in a stock exchange, the plan of
merger or stock exchange shall be adopted in the following manner: (a) The plan of merger
or stock exchange shall first be adopted by the board of directors. (b) Except as provided
in subsections (h), (j), and (l) and in Section 10A-2A-11.05, the plan of merger or stock
exchange shall then be approved by the stockholders. In submitting the plan of merger or stock
exchange to the stockholders for approval, the board of directors shall recommend that the
stockholders approve the plan or, in the case of an offer referred to in subsection (j)(2),
that the stockholders tender their stock to the offeror in response to the offer, unless (i)
the board of directors makes a determination that because of conflicts of interest or other
special circumstances it should not make a recommendation or (ii) Section...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-11.04.htm - 11K - Match Info - Similar pages
16-17A-6
Section 16-17A-6 Board of directors. (a) Each authority shall have a board of directors composed
of the number of directors provided in the articles of incorporation. (b) All powers of an
authority shall be exercised by the board or pursuant to its authorization. (c) Except for
ex-officio directors specified in the articles of incorporation, all directors of an authority
shall be elected or appointed by the sponsoring university. The articles of incorporation
may provide that specified officers or employees of the sponsoring university shall be ex-officio
directors of an authority, so long as a majority of the directors are elected or appointed
by the sponsoring university. (d) The articles of incorporation may provide that a governmental
entity, a public corporation, or a nonprofit organization may nominate one or more directors
of an authority, provided that the number of directors elected or appointed by the sponsoring
university without nomination may never be less than a majority...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-17A-6.htm - 4K - Match Info - Similar pages
34-27C-4
Section 34-27C-4 License application; renewal; fee. (a) Commencing on May 21, 2009, any security
officer, armed security officer, or contract security company providing private security services
in this state shall apply to the board for a license or certification. Any security officer,
armed security officer, or contract security company providing security services in this state
before May 21, 2009, may continue to engage in business operations pending a final determination
by the board, provided such security officer, armed security officer, or contract security
company files an application for license. This chapter shall not abrogate the terms of a contract
existing on May 21, 2009. (b) An application for licensure or certification shall include
all of the following information: (1) The full name, home address, post office box, and actual
street address of the business of the applicant. (2) The name under which the applicant intends
to do business. (3) The full name and address of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/34-27C-4.htm - 8K - Match Info - Similar pages
37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/37-11A-1.htm - 33K - Match Info - Similar pages
10A-2A-6.26
Section 10A-2A-6.26 Uncertificated interests. (a) Unless the certificate of incorporation or
bylaws provide otherwise, the board of directors of a corporation may authorize the issuance
of some or all of the shares of stock of any or all of its classes or series without certificates.
The authorization does not affect shares of stock already represented by certificates until
they are surrendered to the corporation. (b) Within a reasonable time after the issuance or
transfer of shares of stock without certificates, the corporation shall comply with the notice
requirements of Section 10A-1-3.45. (Act 2019-94, ยง1.)...
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