10A-2-6.03
Section 10A-2-6.03 Issued and outstanding shares. REPEALED IN THE 2019 REGULAR SESSION BY ACT
2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A corporation
may issue the number of shares of each class or series authorized by the articles of incorporation.
Shares that are issued are outstanding shares until they are reacquired, redeemed, converted,
or canceled. (b) The reacquisition, redemption, or conversion of outstanding shares is subject
to the limitations of subsection (c) of this section and to Section 10A-2-6.40. (c) At all
times that shares of the corporation are outstanding, one or more shares that together have
unlimited voting rights and one or more shares that together are entitled to receive the net
assets of the corporation upon dissolution must be outstanding. (Acts 1994, No. 94-245, p.
343, §1; §10-2B-6.03; amended and renumbered by Act 2009-513, p. 967, §98.)...
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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 REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94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...
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10A-2-6.25
Section 10A-2-6.25 Corporate shares as personal property; transferability. REPEALED IN THE
2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. Shares or interests in the stock of corporations are personal property, transferable
on the books of the corporation in the manner provided by law. (Acts 1994, No. 94-245, p.
343, §1; §10-2B-6.25; amended and renumbered by Act 2009-513, p. 967, §100.)...
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10A-2-6.28
Section 10A-2-6.28 Expense of issue. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE
JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. A corporation may pay the expenses
of selling or underwriting its shares, and of organizing or reorganizing the corporation,
from the consideration received for shares. (Acts 1994, No. 94-245, p. 343, §1; §10-2B-6.28;
amended and renumbered by Act 2009-513, p. 967, §102.)...
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10A-2-7.05
Section 10A-2-7.05 Notice of meeting. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE
JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A corporation, or, in the
case of a special meeting called pursuant to Section 10A-2-7.02(a)(3), the persons calling
the meeting, shall notify shareholders in writing of the date, time, and place of each annual
and special shareholders' meeting no fewer than 10 nor more than 60 days before the meeting
date. Unless this chapter or the articles of incorporation require otherwise, the corporation,
or other persons calling the meeting, are required to give notice only to shareholders entitled
to vote at the meeting. Notwithstanding the provisions of this section or any other provisions
of this chapter, the stock or bonded indebtedness of a corporation shall not be increased
at a meeting unless notice of the meeting shall have been given as may be required by Section
234 of the Constitution of Alabama of 1901, as the same may be...
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10A-2-7.24
Section 10A-2-7.24 Corporation's acceptance of votes. REPEALED IN THE 2019 REGULAR SESSION
BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a)
If the name signed on, or otherwise submitted by means of an electronic transmission with
respect to, a vote, consent, waiver, or proxy appointment corresponds to the name of a shareholder,
the corporation if acting in good faith is entitled to accept the vote, consent, waiver, or
proxy appointment and give it effect as the act of the shareholder. (b) If the name signed
on, or otherwise submitted by means of an electronic transmission with respect to, a vote,
consent, waiver, or proxy appointment does not correspond to the name of its shareholder,
the corporation if acting in good faith is nevertheless entitled to accept the vote, consent,
waiver, or proxy appointment and give it effect as the act of the shareholder if: (1) The
shareholder is an entity and the name signed or otherwise submitted by means of...
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10A-2-7.36
Section 10A-2-7.36 Effect of chapter on Transfers to Minors Act, etc. REPEALED IN THE 2019
REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE
SUPPLEMENT. Nothing contained in this chapter shall be construed to in anywise affect the
provisions of the "Alabama Uniform Transfers to Minors Act" or similar statutes.
(Acts 1957, No. 546, p. 766, §4; §10-6-4; amended and renumbered by Act 2009-513, p. 967,
§114.)...
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10A-2-8.02
Section 10A-2-8.02 Qualifications of directors. REPEALED IN THE 2019 REGULAR SESSION BY ACT
2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. The articles
of incorporation or bylaws may prescribe qualifications for directors. A director shall be
a natural person of the age of at least nineteen (19) years but need not be a resident of
this state or a shareholder of the corporation unless the articles of incorporation or bylaws
so prescribe. (Acts 1994, No. 94-245, p. 343, §1; §10-2B-8.02; amended and renumbered by
Act 2009-513, p. 967, §116.)...
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10A-2-8.07
Section 10A-2-8.07 Resignation of directors. REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94
EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) A director may
resign at any time by delivering written notice to the board of directors, its chair, or to
the corporation. (b) A resignation is effective when the notice is delivered unless the notice
specifies a later effective date. (Acts 1994, No. 94-245, p. 343, §1; §10-2B-8.07; amended
and renumbered by Act 2009-513, p. 967, §116.)...
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10A-2-8.10
Section 10A-2-8.10 Vacancy on board. 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, if a vacancy occurs on a board of directors: (1) The shareholders may fill
the vacancy, whether resulting from an increase in the number of directors or otherwise; or
(2) The board of directors may fill the vacancy, except that the directors shall have the
power to fill a vacancy resulting from an increase in the number of directors only if expressly
provided for in the articles of incorporation; or (3) If the directors remaining in office
constitute fewer than a quorum of the board, they may fill the vacancy, if it is one that
the directors are authorized to fill, by the affirmative vote of a majority of all the directors
remaining in office. (b) If the vacant office was held by a director elected by a voting group
of shareholders, only the holders of shares of that...
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