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10A-2A-6.03
Section 10A-2A-6.03 Issued and outstanding stock. (a) A corporation may issue the number of
shares of stock of each class or series authorized by the certificate of incorporation. Stock
that is issued is outstanding stock until it is reacquired, redeemed, converted, or cancelled.
(b) The reacquisition, redemption, or conversion of outstanding stock is subject to the limitations
of subsection (c) and to Section 10A-2A-6.40. (c) At all times that stock of the corporation
is outstanding, one or more shares of stock that together have full voting rights and one
or more shares of stock that together are entitled to receive the net assets of the corporation
upon dissolution must be outstanding. (Act 2019-94, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-6.03.htm - 1K - Match Info - Similar pages
10A-2A-6.31
Section 10A-2A-6.31 Corporation's acquisition of its own stock. (a) A corporation may acquire
its own stock, and, unless otherwise provided in the certificate of incorporation, stock so
acquired constitutes authorized but unissued stock. (b) If the certificate of incorporation
prohibits the reissue of the acquired stock, the number of authorized shares of stock is reduced
by the number of shares of stock acquired. (Act 2019-94, §1.)...
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10A-2A-10.02
Section 10A-2A-10.02 Amendment before issuance of stock. If a corporation has not yet issued
stock, its board of directors, or its incorporators if it has no board of directors, may adopt
one or more amendments to the corporation's certificate of incorporation. (Act 2019-94, §1.)...
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10A-2A-1.40
Section 10A-2A-1.40 Chapter definitions. Notwithstanding Section 10A-1-1.03, as used in this
chapter, unless otherwise specified or unless the context otherwise requires, the following
terms have the following meanings: (1) AUTHORIZED STOCK means the stock of all classes and
series a corporation or foreign corporation is authorized to issue. (2) BENEFICIAL STOCKHOLDER
means a person who owns the beneficial interest in stock, which is either a record stockholder
or a person on whose behalf shares of stock are registered in the name of an intermediary
or nominee. (3) CERTIFICATE OF INCORPORATION means the certificate of incorporation described
in Section 10A-2A-2.02, all amendments to the certificate of incorporation, and any other
documents permitted or required to be delivered for filing by a corporation with the Secretary
of State under this chapter or Chapter 1 that modify, amend, supplement, restate, or replace
the certificate of incorporation. After an amendment of the certificate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-1.40.htm - 13K - 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
41-10-139
Section 41-10-139 Filing certificate of incorporation with Secretary of State; contents, execution,
recordation, etc. (a) After the date of issuance by the Governor of his executive order authorizing
the applicants to proceed to form a public corporation, as provided in Section 41-10-138,
the applicants or not less than three of the applicants shall proceed to incorporate a public
corporation by filing of record in the office of the Secretary of State a certificate of incorporation
which shall comply in form and substance with the requirements of this section and be executed
in the manner provided in this section. (b) The certificate of incorporation of the authority
shall state: (1) The names of the persons incorporating the authority, together with their
post office addresses and a statement that each of them is a qualified elector of the state;
(2) The name of the authority (which shall include the words "historical preservation
authority"); (3) The location of the principal office...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/41-10-139.htm - 2K - Match Info - Similar pages
10A-2A-7.25
Section 10A-2A-7.25 Quorum and voting requirements for voting groups. (a) Stock entitled to
vote as a separate voting group may take action on a matter at a meeting only if a quorum
of those shares of stock exists with respect to that matter. Unless the certificate of incorporation
provides otherwise, stock representing a majority of the votes entitled to be cast on the
matter by the voting group constitutes a quorum of that voting group for action on that matter.
Whenever this chapter requires a particular quorum for a specified action, the certificate
of incorporation may not provide for a lower quorum. (b) Once a share of stock is represented
for any purpose at a meeting, it is deemed present for quorum purposes for the remainder of
the meeting and for any adjournment of that meeting unless a new record date is or must be
fixed for that adjourned meeting. (c) If a quorum exists, action on a matter (other than the
election of directors) by a voting group is approved if the votes cast...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-7.25.htm - 2K - Match Info - Similar pages
10A-2A-8.58
Section 10A-2A-8.58 Variation by corporate action; application of division. (a) A corporation
may, by a provision in its certificate of incorporation, bylaws, or in a resolution adopted
or a contract approved by the board of directors or stockholders, obligate itself in advance
of the act or omission giving rise to a proceeding to provide indemnification in accordance
with Section 10A-2A-8.51 or advance funds to pay for or reimburse expenses in accordance with
Section 10A-2A-8.53. Any obligatory provision shall be deemed to satisfy the requirements
for authorization referred to in Section 10A-2A-8.53(c) and in Section 10A-2A-8.55(c). Any
provision that obligates the corporation to provide indemnification to the fullest extent
permitted by law shall be deemed to obligate the corporation to advance funds to pay for or
reimburse expenses in accordance with Section 10A-2A-8.53 to the fullest extent permitted
by law, unless the provision expressly provides otherwise. (b) A right of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-8.58.htm - 3K - Match Info - Similar pages
10A-2A-6.40
Section 10A-2A-6.40 Distributions to stockholders. (a) The board of directors may authorize
and the corporation may make distributions to its stockholders subject to restriction by the
certificate of incorporation and the limitation in subsection (c). (b) The board of directors
may fix the record date for determining stockholders entitled to a distribution, which date
may not be retroactive. If the board of directors does not fix a record date for determining
stockholders entitled to a distribution (other than one involving a purchase, redemption,
or other acquisition of the corporation's stock), the record date 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 certificate of incorporation permits...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-6.40.htm - 3K - Match Info - Similar pages
10A-1-1.06
Section 10A-1-1.06 Synonymous terms. To the extent not inconsistent with the Constitution of
Alabama of 1901, and other statutes of this state wherein the terms may be found, and as the
context requires, in this title or any other statute of this state: (1) a reference to certificate
of formation includes, in the case of a corporation, articles of incorporation, certificate
of incorporation, and charter; in the case of limited partnership, a certificate of limited
partnership and a certificate of formation; in the case of a limited liability company, certificate
of formation and articles of organization; and in the case of a business trust or a real estate
investment trust, declaration of trust and, similarly, a reference to articles of incorporation,
certificate of incorporation, charter, certificate of limited partnership, or articles of
organization includes a certificate of formation; (2) a reference to articles of dissolution
includes statement of dissolution and certificate of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-1-1.06.htm - 2K - Match Info - Similar pages
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