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10A-5A-11.05
Section 10A-5A-11.05 Member's power to dissociate as a member associated with a series; wrongful
dissociation. (a) A person has the power to dissociate as a member associated with a series.
(b) A person's dissociation from a series is wrongful only if: (1) it is in breach of an express
provision of the limited liability company agreement; or (2) the person is expelled as a member
associated with the series by judicial determination under Section 10A-5A-11.06(f); or (3)
the person is dissociated as a member associated with a series by becoming a debtor in bankruptcy
or making a general assignment for the benefit of creditors. (c) A person that wrongfully
dissociates as a member associated with a series is liable to the series and, subject to Section
10A-5A-9.01, to the other members associated with that series for damages caused by the dissociation.
The liability is in addition to any other debt, obligation, or liability of the member associated
with a series to the series or the other...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-5A-11.05.htm - 1K - Match Info - Similar pages
10A-5A-11.07
Section 10A-5A-11.07 Effect of person's dissociation as a member. (a) A person who has dissociated
as a member associated with a series shall have no right to participate in the direction and
oversight of the activities and affairs of that series and is entitled only to receive the
distributions to which that member would have been entitled if the member had not dissociated
from that series. (b) A person's dissociation as a member associated with a series does not
of itself discharge the person from any debt, obligation, or liability to that series, the
limited liability company, or the other members that the person incurred while a member associated
with that series. (c) A member's dissociation from a series does not, in itself, cause the
member to dissociate from any other series or require the winding up of the series. (d) A
member's dissociation from a series does not, in itself, cause the member to dissociate from
the limited liability company. (Act 2014-144, p. 265, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-5A-11.07.htm - 1K - Match Info - Similar pages
10A-5-6.03
Section 10A-5-6.03 Right of assignee to become member. REPEALED IN THE 2014 REGULAR SESSION
BY ACT 2014-144 EFFECTIVE JANUARY 1, 2017. (a) Except as otherwise provided in the operating
agreement: (1) An assignee of an interest in a limited liability company may become a member
only if the other members unanimously consent. The consent of a member may be evidenced in
any manner specified in the operating agreement, but in the absence of such a specification,
consent shall be evidenced by a written instrument, dated and signed by the member. (2) The
assignor of a membership interest is not released from liability to the limited liability
company under Section 10A-5-5.02, whether or not the assignee becomes a member. (3) A member
who assigns the member's entire interest in the limited liability company ceases to be a member
or to have the power to exercise any rights of a member when any assignee of the interest
becomes a member with respect to the assigned interest. (b) An assignee who...
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10A-5A-5.03
Section 10A-5A-5.03 Charging order. (a) On application to a court of competent jurisdiction
by any judgment creditor of a member or transferee, the court may charge the transferable
interest of the judgment debtor with payment of the unsatisfied amount of the judgment with
interest. To the extent so charged and after the limited liability company has been served
with the charging order, the judgment creditor has only the right to receive any distribution
or distributions to which the judgment debtor would otherwise be entitled in respect of the
transferable interest. (b) A limited liability company, after being served with a charging
order and its terms, shall be entitled to pay or deposit any distribution or distributions
to which the judgment debtor would otherwise be entitled in respect of the charged transferable
interest into the hands of the clerk of the court so issuing the charging order, and the payment
or deposit shall discharge the limited liability company and the judgment...
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41-9-219.1
Section 41-9-219.1 Allocation of tax credits. Tax credits claimed under this article shall
not be saleable or transferable. Tax credits earned by a partnership, limited liability company,
S corporation, or other "pass-through" entity may be allocated to the partners,
members, or shareholders of that entity for their direct use in accordance with the provisions
of any agreement among the partners, members, or shareholders. Any amount of tax credit that
the taxpayer, or partner, member, or shareholder thereof, is prohibited from claiming in a
taxable year may be carried forward to any of the taxpayer's subsequent taxable years. (Act
2012-483, p. 1340, §5.)...
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40-18-24.2
Section 40-18-24.2 Taxation of pass-through entities. (a) For purposes of this section and
Section 40-18-24.3, the following terms shall have the following meanings: (1) MEMBER. An
individual, estate, trust or business trust as defined in Section 40-18-1, a corporation as
defined in Section 40-18-1, or Subchapter K entity as defined in Section 40-18-1, that is
a partner in a general, limited, limited liability, or limited liability limited partnership,
or a member of a limited liability company. (2) NONRESIDENT. a. An individual who is not a
resident of or domiciled in this state during the applicable tax year. b. A nonresident trust
as defined in Section 40-18-1. c. A nonresident estate as defined in Section 40-18-1. d. A
foreign corporation as defined in Section 40-18-1, not commercially domiciled in this state
during the applicable tax year. e. A Subchapter K entity or business trust that is created
or organized under the laws of a jurisdiction other than this state and that is not...
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34-14A-2
Section 34-14A-2 Definitions. As used in this chapter, the following terms shall have the following
meanings, respectively, unless the context clearly indicates otherwise: (1) ADVISORY COUNCIL.
The Alabama Construction Trade Advisory Council. (2) BOARD. The Home Builders Licensure Board.
(3) COST OF THE UNDERTAKING. The total cost of the materials, labor, supervision, overhead,
and profit. (4) HOMEOWNER. A person who owns and resides in or intends to reside in a structure
constructed or remodeled by a licensee of the board, or who contracts with a licensee for
the purchase, construction, repair, improvement, or reimprovement of a structure to be used
as a residence. (5) IMPROVEMENT. Any site-built addition or enhancement attached to or detached
from a residence or structure for use and enjoyment by the homeowner. (6) INACTIVE LICENSE.
A license issued at the request of a licensee, or a building official or a building inspector,
that is renewable, but that is not currently valid. (7)...
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10A-10-1.15
Section 10A-10-1.15 Merger. (a) For purposes of this section, the following words shall have
the respective meanings ascribed to them: (1) ALABAMA REAL ESTATE INVESTMENT TRUST. A real
estate investment trust organized in compliance with the provisions of this chapter. (2) BUSINESS
TRUST. a. An entity described in Section 10A-16-1.01. b. An unincorporated trust or association,
including an Alabama real estate investment trust, a common-law trust, or a Massachusetts
trust, which is engaged in business and in which property is acquired, held, managed, administered,
controlled, invested, or disposed of for the benefit and profit of any person who may become
a holder of a transferable unit of beneficial interest in the trust. (3) DOMESTIC LIMITED
LIABILITY COMPANY. A limited liability company as defined under the Alabama Limited Liability
Company Law. (4) DOMESTIC LIMITED PARTNERSHIP. A limited partnership as defined under the
Alabama Limited Partnership Law. (5) FOREIGN BUSINESS TRUST. A...
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25-5-50
Section 25-5-50 Applicability; exemptions; coverage for school boards, volunteer fire departments,
and rescue squads; sports officials. (a) This article and Article 2 of this chapter shall
not be construed or held to apply to an employer of a domestic employee; an employer of a
farm laborer; an employer of a person whose employment at the time of the injury is casual
and not in the usual course of the trade, business, profession, or occupation of the employer;
an employer who regularly employs less than five employees in any one business, other than
the business of constructing or assisting on-site in the construction of new single-family,
detached residential dwellings; or a municipality having a population of less than 2,000 according
to the most recent federal decennial census. An employer who regularly employs less than five
employees in any one business; a farm-labor employer; an employer of a domestic employee;
or a municipality having a population of less than 2,000 according to...
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23-7-18
Section 23-7-18 Liability for bonds. Bonds, other financial assistance, and other obligations
issued by the bank shall not constitute an obligation or debt of this state, or any of its
political subdivisions, but shall be limited obligations of the bank payable solely from the
revenue, money, or property of the bank pledged for such purpose as provided in this chapter.
Any bonds, other financial assistance, or other obligations of the bank issued do not constitute
an indebtedness of the state or any of its political subdivisions within the meaning of any
constitutional or statutory limitation, and neither the full faith and credit nor the taxing
power of the state, or any of its political subdivisions, is pledged to the payment thereof.
No member of the bank or any person executing bonds, other financial assistance, or other
obligations of the bank is liable personally thereon by reason of their issuance or execution.
Each bond, other financial assistance, and other obligation issued...
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