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2-10-62
Section 2-10-62 Certificate of membership; stock of association; member's liability for association's
debts. When a member of an association established without capital stock has paid his membership
fee in full, he shall receive a certificate of membership. No association shall issue stock
to a member until it has been fully paid for. The promissory notes of the members may be accepted
by the association as full or partial payment. The association shall hold the stock as security
for the payment of the note, but such retention as security shall not affect the member's
right to vote. Except for debts lawfully contracted between him and the association, no member
shall be liable for the debts of the association to an amount exceeding the sum remaining
unpaid on his membership fee or his subscription to the capital stock, including any unpaid
balance or any promissory notes given in payment thereof. No stockholder of a cooperative
association shall own more than 20 percent of the common...
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10A-2-11.06
Section 10A-2-11.06 Effect of merger or share exchange. REPEALED IN THE 2019 REGULAR SESSION
BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a)
When a merger takes effect: (1) Every other corporation party to the merger merges into the
surviving corporation and the separate existence of every corporation except the surviving
corporation ceases; (2) The surviving corporation thereupon and thereafter possesses all the
rights, immunities, and franchises, of a public as well as of a private nature, of every corporation
party to the merger; and all property, real, personal and mixed, and all debts due each of
the corporations so merged, are taken and deemed to be transferred and vested in the surviving
corporation without further act or deed; and title to any real estate, or an interest therein,
vested in any of the corporations shall not revert nor in any way be impaired by reason of
the merger; (3) The surviving corporation shall be responsible and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-11.06.htm - 2K - Match Info - Similar pages
11-86A-9
Section 11-86A-9 Powers of authority vested in board of directors; officers and directors of
authority; proceedings of board of directors to be reduced to writing and signed by two directors;
admissibility of evidence of proceedings of board of directors; adoption of bylaws; notice
of meetings; attendance at meetings; qualifications. (a) All powers of an authority shall
be vested in its board of directors. (b) The initial board of directors of an authority shall
be specified in the articles, or as provided in Section 11-86A-6. (c) Each authority shall
be composed of a chair, vice chair, secretary, and treasurer elected by the board of directors.
The offices of secretary and treasurer may be held by the same person. A majority of the directors
shall constitute a quorum for the transaction of business. The officers and directors shall
serve for the terms provided for in the articles. A director may not receive any salary for
service rendered or for any duty performed as a director. The...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-86A-9.htm - 3K - Match Info - Similar pages
27-27-31
Section 27-27-31 Contingent liability of members of domestic mutual insurers - Generally. (a)
Each member of a domestic mutual insurer shall, except as otherwise provided in this chapter
with respect to nonassessable policies, have a contingent liability, pro rata and not one
for another, for the discharge of its obligations, which contingent liability shall be expressed
in the policy and be in such maximum amount as is specified in the insurer's articles of incorporation.
(b) Termination of the policy of any such member shall not relieve the member of contingent
liability for his proportion, if any, of the obligations of the insurer which accrued while
the policy was in force. (c) Unrealized contingent liability of members does not constitute
an asset of the insurer in any determination of its financial condition. (Acts 1971, No. 407,
p. 707, ยง527.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-31.htm - 1K - Match Info - Similar pages
35-20-5
Section 35-20-5 Organization of associations; filing requirements; rulemaking authority; organizational
documents. (a) On or after January 1, 2016, a homeowners' association created pursuant to
a declaration shall be organized as a nonprofit corporation pursuant to Chapter 3 of Title
10A, and shall be governed in all respects as a nonprofit corporation. (b)(1) A homeowners'
association, its members, and directors shall be subject to all of the obligations, duties,
and responsibilities of and shall have all of the rights and benefits provided in Chapter
3 of Title 10A. (2) In addition or supplemental to any other filing required in Chapter 3
of Title 10A, a homeowners' association shall file the following documents with the Secretary
of State: a. Articles of incorporation. b. Bylaws, resolutions, or other governing documents
of the association. c. The original covenants, conditions, or restrictions adopted by the
association. (3) The Secretary of State shall implement and maintain an...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/35-20-5.htm - 3K - Match Info - Similar pages
10-1-3
Section 10-1-3 Alteration or amendment of charter by corporations not of business character;
filing and contents of declarations; issuance of certificate; provisions cumulative. (a) Unless
otherwise provided, any corporation, not of a business character, may alter or amend its charter
whenever not less than three fourths in number of its members, in case of corporations having
no central or general governing body, or where such corporations have a central or general
governing body, then whenever not less than three fourths of the first four principal officers
of such central or general governing body, shall file in the office of the judge of probate
of the county wherein the original declaration of incorporation was filed or in cases where
the charter was granted by an act of the Legislature, prior to the adoption of the Constitution
in 1901, in the Office of the Secretary of State, a declaration in writing signed by them
setting forth: (1) When such corporation was organized, its name...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10-1-3.htm - 3K - Match Info - Similar pages
10A-2-11.05
Section 10A-2-11.05 Articles of merger or share exchange. REPEALED IN THE 2019 REGULAR SESSION
BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a)
After a plan of merger or share exchange is approved by the shareholders, or adopted by the
board of directors if shareholder approval is not required, the surviving or acquiring corporation
shall deliver to the Secretary of State for filing articles of merger or share exchange setting
forth: (1) The plan of merger or share exchange; (2) If shareholder approval was not required,
a statement to that effect; (3) If approval of the shareholders of one or more corporations
party to the merger or share exchange was required: (i) The designation, number of outstanding
shares, and number of votes entitled to be cast by each voting group entitled to vote separately
on the plan as to each corporation; and (ii) Either the total number of votes cast for and
against the plan by each voting group entitled to vote...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-11.05.htm - 1K - Match Info - Similar pages
11-50-320
Section 11-50-320 Acquisition, operation, etc., of systems located in another municipality;
execution of contract for conveyance of system in other municipality thereto upon payment
in full of indebtedness of corporation as to such systems. (a) Each corporation organized
under this article or the articles of incorporation of which are amended under this article,
in addition to all other powers conferred on it by this article and by law, is hereby further
authorized and empowered to acquire, by purchase from the owner or owners thereof, or to construct,
or to acquire and construct all or any part of a system or systems, and any rights incidental
thereto, located within the limits of any incorporated municipality in this state other than
the municipality within which such corporation was organized to operate, and thereafter to
manage, operate, extend, enlarge, lease, mortgage, convey, and otherwise control the same
as a part of its system or systems in the municipality within which such...
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22-21-358
while he or she was a board member, officer of the authority, or a physician acting as an agent
of such authority as stated above, against all judgments, fines, amounts paid in settlement
and reasonable expenses (including, without limitation, attorneys' fees actually and necessarily
incurred) as a result of any such action or proceeding, or any appeal therein; provided, however,
that nothing herein shall be construed as permitting indemnification of any person: a. In
connection with any malpractice action or proceeding arising out of or in any way connected
with such person's practice of his profession; b. In connection with an action or proceeding
by such authority in which a person is adjudged liable to such authority; or c. In connection
with any other action or proceeding in which such person is adjudged liable on the basis that
personal benefit was improperly received by such person. (8) To make any other indemnification
now or hereafter authorized by law; and (9) To have and...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-21-358.htm - 5K - Match Info - Similar pages
27-30-8
Section 27-30-8 Certificate of authority - Application. (a) To apply for a certificate of authority,
a mutual aid association shall file with the commissioner its application therefor, on forms
as prescribed and furnished by him, and showing: (1) Name of the association and the address
of its principal office or place of business in this state; (2) Name, identification, and
residence address of each director, trustee, or officer of the association; (3) The types
of aid or benefits to be provided its members or policyholders; (4) The general plan or plans
according to which its business is, or will be, conducted; and (5) Such other information
as the commissioner may reasonably require. (b) The applicant shall at the time of application
for certificate of authority file with the commissioner such of the following as are not already
on file with him: (1) A copy of its articles of incorporation, its bylaws, and other charter
or constituent documents, certified by the public official...
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