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10A-3-7.02
Section 10A-3-7.02 Voluntary dissolution - Distribution of assets generally. The assets of
a nonprofit corporation in the process of dissolution shall be applied and distributed as
follows: (1) All liabilities and obligations of the nonprofit corporation shall be paid and
discharged, or adequate provision shall be made therefor; (2) Assets held by the nonprofit
corporation upon condition requiring return, transfer or conveyance, which condition occurs
by reason of the dissolution, shall be returned, transferred or conveyed in accordance with
the requirements; (3) Assets received and held by the nonprofit corporation subject to limitations
permitting their use only for charitable, religious, eleemosynary, benevolent, educational,
or similar purposes, but not held upon a condition requiring return, transfer or conveyance
by reason of the dissolution, shall be transferred or conveyed to one or more domestic or
foreign corporations, societies or organizations engaged in activities...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-3-7.02.htm - 2K - Match Info - Similar pages
11-89C-7
Section 11-89C-7 Public corporation to be nonprofit; dissolution. Any public corporation shall
be a nonprofit corporation, and no part of its net earnings shall inure to the benefit of
any individual, firm, or corporation. In the event of dissolution of a public corporation,
if the board of directors of the public corporation determines that sufficient provision has
been made for the full payment of the expenses and other obligations, then any net earnings
thereafter existing shall be paid to the member governing bodies of the public corporation
provided, such amounts so paid out shall only be used by the member governing bodies for storm
water purposes and no other purpose. (Acts 1995, No. 95-775, p. 1835, ยง7.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-89C-7.htm - 1K - Match Info - Similar pages
11-50-532
Section 11-50-532 Dissolution. When all obligations incurred by the corporation and all bonds
issued by it shall have been paid in full or provision for payment thereof shall have been
made by appropriate, segregation and deposit of funds sufficient for such purposes, then and
in such event the corporation may be dissolved by resolution adopted by vote of a majority
of the board, which resolution shall set out the plan of dissolution and shall designate three
directors who shall act as trustees in dissolution of the corporation. A copy of such resolution,
duly certified by the secretary of the corporation under its seal, shall be filed with the
Secretary of State, and, if it shows compliance with the foregoing requirements, it shall
be recorded by the Secretary of State with the certificate of incorporation. Upon such filing
and recording the corporation shall thereupon stand dissolved, and the trustees in dissolution
named in such resolution shall thereupon proceed to wind up the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-50-532.htm - 2K - Match Info - Similar pages
10A-2A-9.15
Section 10A-2A-9.15 Effect of conversion. (a) When a conversion takes effect: (1) all property
and contract rights owned by the converting organization remain vested in the converted organization
without transfer, reversion, or impairment, and the title to any property vested by deed or
otherwise in the converting organization shall not revert or be in any way impaired by reason
of the conversion; (2) all debts, obligations, or other liabilities of the converting organization
continue as debts, obligations, or other liabilities of the converted organization and neither
the rights of creditors, nor the liens upon the property of the converting organization shall
be impaired by the conversion; (3) an action or proceeding pending by or against the converting
organization continues as if the conversion had not occurred and the name of the converted
organization may, but need not, be substituted for the name of the converting organization
in any pending action or proceeding; (4) except as...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-2A-9.15.htm - 5K - Match Info - Similar pages
10A-5A-10.04
Section 10A-5A-10.04 Effect of conversion. (a) When a conversion takes effect: (1) all property
and contract rights owned by the converting organization, or series thereof, remains vested
in the converted organization without transfer, reversion, or impairment and the title to
any property vested by deed or otherwise in the converting organization shall not revert or
be in any way impaired by reason of the conversion; (2) all debts, obligations, or other liabilities
of the converting organization, or series thereof, continue as debts, obligations, or other
liabilities of the converted organization and neither the rights of creditors, nor the liens
upon the property of the converting organization shall be impaired by the conversion; (3)
an action or proceeding pending by or against the converting organization, or series thereof,
continues as if the conversion had not occurred and the name of the converted entity may,
but need not, be substituted for the name of the converting entity in...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-5A-10.04.htm - 4K - Match Info - Similar pages
10A-8A-9.05
Section 10A-8A-9.05 Effect of conversion. (a) When a conversion takes effect: (1) all property
and contract rights owned by the converting organization remains vested in the converted organization
without transfer, reversion, or impairment and the title to any property vested by deed or
otherwise in the converting organization shall not revert or be in any way impaired by reason
of the conversion; (2) all debts, obligations, or other liabilities of the converting organization
continue as debts, obligations, or other liabilities of the converted organization and neither
the rights of creditors, nor the liens upon the property of the converting organization shall
be impaired by the conversion; (3) an action or proceeding pending by or against the converting
organization continues as if the conversion had not occurred and the name of the converted
entity may, but need not, be substituted for the name of the converting entity in any pending
action or proceeding; (4) except as prohibited by...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-8A-9.05.htm - 4K - Match Info - Similar pages
10A-9A-10.05
Section 10A-9A-10.05 Effect of conversion. (a) When a conversion takes effect: (1) all property
and contract rights owned by the converting organization remains vested in the converted organization
without transfer, reversion, or impairment and the title to any property vested by deed or
otherwise in the converting organization shall not revert or be in any way impaired by reason
of the conversion; (2) all debts, obligations, or other liabilities of the converting organization
continue as debts, obligations, or other liabilities of the converted organization and neither
the rights of creditors, nor the liens upon the property of the converting organization shall
be impaired by the conversion; (3) an action or proceeding pending by or against the converting
organization continues as if the conversion had not occurred and the name of the converted
entity may, but need not, be substituted for the name of the converting entity in any pending
action or proceeding; (4) except as prohibited...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-9A-10.05.htm - 4K - Match Info - Similar pages
10A-3-7.11
Section 10A-3-7.11 Procedure in liquidation of corporation by court. (a) In proceedings to
liquidate the assets and affairs of a nonprofit corporation, the court shall have the power
to issue restraining orders or injunctions, to appoint a receiver or receivers pendente lite,
with the powers and duties as the court, from time to time, may direct, and to take other
proceedings as may be requisite to preserve the corporate assets wherever situated, and carry
on the affairs of the nonprofit corporation until a full hearing can be had. (b) After a hearing
had upon the notice as the court may direct to be given to all parties to the proceedings
and to any other parties in interest designated by the court, the court may appoint a liquidating
receiver or receivers with authority to collect the assets of the nonprofit corporation. The
liquidating receiver or receivers shall have authority, subject to the order of the court,
to sell, convey, and dispose of all or any part of the assets of the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-3-7.11.htm - 4K - Match Info - Similar pages
27-36A-4
Section 27-36A-4 Actuarial opinion of reserves. (a) Actuarial opinion prior to the operative
date of the valuation manual as defined by Section 27-36A-15. (1) GENERAL. Every life insurance
company doing business in this state shall annually submit the opinion of a qualified actuary
as to whether the reserves and related actuarial items held in support of the policies and
contracts specified by the commissioner by regulation are computed appropriately, are based
on assumptions which satisfy contractual provisions, are consistent with prior reported amounts,
and comply with applicable laws of this state. The commissioner, by regulation, shall define
the specifics of this opinion and add any other items deemed to be necessary to its scope.
(2) ACTUARIAL ANALYSIS OF RESERVES AND ASSETS SUPPORTING RESERVES. a. Every life insurance
company, except as exempted pursuant to regulation, shall also annually include in the opinion
required by subdivision (1) an opinion of the same qualified...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-36A-4.htm - 12K - Match Info - Similar pages
11-88-5
Section 11-88-5 Authorization and procedure for amendment of certificate of incorporation.
(a) The certificate of incorporation of any authority incorporated under the provisions of
this article may at any time and from time to time be amended in the manner provided in this
section. (b)(1) The board of directors of the authority shall first adopt a resolution proposing
an amendment to the certificate of incorporation which shall be set forth in full in the resolution
and which amendment may include: a. A change in the name of the authority; b. The addition
to the service area of the authority of new territory lying within the determining county;
c. Provisions for the operation of a system or facility the operation of which is not then
provided for in the certificate of incorporation of the authority and which the authority
is authorized by this article to operate; d. Any matters which might have been included in
the original certificate of incorporation; e. Provisions for the addition...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/11-88-5.htm - 10K - Match Info - Similar pages
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