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45-47-250.04
Section 45-47-250.04 Board of directors. (a) The Marion County Public Water Authority shall
be governed by a board of directors. All powers of the authority shall be exercised by the
board or pursuant to its authorization. (b) The initial board of directors shall consist of
three citizens appointed to incorporate the authority and six other directors to be appointed
within 45 days after the date the authority is incorporated as follows: (1) In addition to
the appointment of one of the incorporators who shall serve an initial term of six years,
the Marion County Commission shall appoint the county engineer as one director. (2) The Marion
County Firefighters Association shall appoint one member from their associations who shall
serve an initial term of two years. (3) With each incorporated municipality, regardless of
size, having one vote in the selection, the elected mayors of all incorporated municipalities
in Marion County shall appoint one director who shall serve an initial term of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/45-47-250.04.htm - 4K - Match Info - Similar pages
10A-2A-10.06
Section 10A-2A-10.06 Certificate of amendment. Notwithstanding Division B of Article 3 of Chapter
1: (a) After an amendment to the certificate of incorporation has been adopted and approved
in the manner required by this chapter and by the certificate of incorporation, the corporation
shall deliver to the Secretary of State for filing a certificate of amendment, which must
set forth: (1) the name of the corporation; (2) the text of each amendment adopted, or the
information required by Section 10A-2A-1.20(c)(5); (3) if an amendment provides for an exchange,
reclassification, or cancellation of issued stock, provisions for implementing the amendment
if not contained in the amendment itself, (which may be made dependent upon facts objectively
ascertainable outside the certificate of amendment in accordance with Section 10A-2A-1.20(c)(5));
(4) the date of each amendment's adoption; and (5) if an amendment: (i) was adopted by the
incorporators or board of directors without stockholder...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-10.06.htm - 1K - 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
10A-30-2.08
Section 10A-30-2.08 Management by shareholders; applicable to corporations formed as close
corporations or electing close corporation status prior to January 1, 1995. The certificate
of formation of a close corporation may provide that the business of the corporation shall
be managed by the shareholders of the corporation rather than by a board of directors. So
long as this provision continues in effect: (1) No meeting of shareholders need be called
to elect directors; (2) Unless the context clearly requires otherwise, the shareholders of
the corporation shall be deemed to be directors for purposes of applying provisions of this
article; and (3) The shareholders of the corporation shall be subject to all liabilities of
directors. Such a provision may be inserted in the certificate of formation by amendment if
all incorporators and subscribers or all holders of record of all of the outstanding shares,
whether or not having voting power, authorize such a provision. An amendment to the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-30-2.08.htm - 1K - Match Info - Similar pages
10A-2A-14.10
Section 10A-2A-14.10 Grounds for judicial dissolution. (a) The circuit court for the county
in which the corporation's principal office is located in this state, and if none in this
state, the circuit court for the county in which the corporation's most recent registered
office is located may dissolve a corporation: (1) in a proceeding by the Attorney General
if it is established that: (i) the corporation obtained its certificate of incorporation through
fraud; or (ii) the corporation has continued to exceed or abuse the authority conferred upon
it by law; (2) in a proceeding by a stockholder if it is established that: (i) the directors
are deadlocked in the management of the corporate affairs, the stockholders are unable to
break the deadlock, and irreparable injury to the corporation is threatened or being suffered,
or the business and affairs of the corporation can no longer be conducted to the advantage
of the stockholders generally, because of the deadlock; (ii) the directors or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-14.10.htm - 3K - Match Info - Similar pages
27-27-16
Section 27-27-16 Domestic mutual insurers - Bond or deposit in lieu thereof. (a) Before soliciting
any applications for insurance required under Section 27-27-15, as qualification for the original
certificate of authority, the incorporators of the proposed mutual insurer shall file with
the commissioner a corporate surety bond in the penalty of $15,000.00 in favor of the State
of Alabama and for the use and benefit of the state and of applicant members and creditors
of the corporation. The bond shall be conditioned as follows: (1) Upon payment of any loss
suffered by applicants who have cancelled or lapsed existing insurance policies due to misrepresentation
by the incorporators or by persons soliciting such applications under authorization by the
corporation, to the effect that the making of such application for insurance and prepayment
of premiums in such proposed insurer provides insurance protection prior to issuance of a
certificate of authority to such insurer by the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-27-16.htm - 2K - Match Info - Similar pages
11-54A-2
Section 11-54A-2 Definitions. The following words and phrases used in this chapter, and others
evidently intended as the equivalent thereof, in the absence of clear implication herein otherwise,
shall be given the following respective interpretations herein: (1) APPLICANT. A natural person
who files a written application with the governing body of any city in accordance with Section
11-54A-4. (2) AUTHORITY. Any redevelopment authority organized pursuant to this chapter. (3)
AUTHORIZING RESOLUTION. A resolution adopted by the governing body of any city in accordance
with Section 11-54A-4, that authorizes the corporation of the authority. (4) BOARD. The board
of directors of the authority. (5) BONDS. Shall include bonds, notes, and certificates representing
an obligation to pay money. (6) CITY. Any incorporated city or town in the State of Alabama
with respect to which a redevelopment authority may be organized. (7) DIRECTOR. A member of
the board of the authority. (8) DEVELOPMENT AREA....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-54A-2.htm - 3K - Match Info - Similar pages
40-21-4
Section 40-21-4 Detailed requirements of reports. Each such report shall show the following
items and particulars as the same stood on the next preceding October 1, together with any
other facts or information that may be called for by said Department of Revenue: (1) The name
and principal place of business of the company, corporation, association, or individual in
whose behalf the statement is made and the character of the business engaged in; (2) If a
company, association or corporation, the state, or government under the laws of which it was
incorporated or authorized to do business, the date of original organization, the date of
reorganization, consolidation, or merger and the purpose of its incorporation as expressed
in its charter or articles of association; (3) The place where all books, papers, and accounts
are kept, and the names and post-office addresses of the president, secretary, treasurer,
superintendent, general manager, general counsel, directors, and all other general...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-21-4.htm - 6K - Match Info - Similar pages
10A-2-6.40
Section 10A-2-6.40 Distributions to shareholders. REPEALED IN THE 2019 REGULAR SESSION BY ACT
2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A board
of directors may authorize and the corporation may make distributions subject to restriction
by the articles of incorporation and the limitation in subsection (c). (b) If the board of
directors does not fix the record date for determining shareholders entitled to a distribution
other than one involving a repurchase or reacquisition of shares, it is the date the board
of directors authorizes the distribution. (c) No distribution may be made if, after giving
it effect: (1) The corporation would not be able to pay its debts as they become due in the
usual course of business; or (2) The corporation's total assets would be less than the sum
of its total liabilities plus, unless the articles of incorporation permit otherwise, the
amount that would be needed, if the corporation were to be dissolved at the time...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2-6.40.htm - 3K - Match Info - Similar pages
11-20-70
Section 11-20-70 Establishment of agriculture authority; application; articles of incorporation.
(a) An agriculture authority may be established in any county to construct and operate facilities
to promote agricultural businesses, operations, and commodities, workforce development, and
economic development within the county as further provided in this article. The operational
area of an agriculture authority may not extend beyond the boundaries of the county in which
an agriculture authority is incorporated. (b) Any number of natural persons who are residents
and qualified electors in the county may file an application in writing with the county commission
for authority to incorporate and organize an agriculture authority. If the application is
approved, the county commission shall adopt a resolution declaring it to be wise, expedient,
and beneficial to the county that the agriculture authority be formed and that the persons
filing the application are authorized to form the authority....
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