10A-2A-13.02
Section 10A-2A-13.02 Right to appraisal. (a) A stockholder is entitled to appraisal rights,
and to obtain payment of the fair value of that stockholder's stock, in the event of any of
the following corporate actions: (1) consummation of a merger to which the corporation is
a party (i) if the corporation is a subsidiary and the merger is governed by Section 10A-2A-11.05
or (ii) if stockholder approval is required for the merger by Section 10A-2A-11.04, or would
be required but for the provisions of Section 10A-2A-11.04(j), except that appraisal rights
shall not be available to any stockholder of the corporation with respect to stock of any
class or series that remain outstanding after consummation of the merger; (2) consummation
of a stock exchange to which the corporation is a party the stock of which will be acquired,
except that appraisal rights shall not be available to any stockholder of the corporation
with respect to any class or series of stock of the corporation that is not...
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10A-2A-13.21
Section 10A-2A-13.21 Notice of intent to demand payment and consequences of voting or consenting.
(a) If a corporate action specified in Section 10A-2A-13.02(a) is submitted to a vote at a
stockholders' meeting, a stockholder who wishes to assert appraisal rights with respect to
any class or series of stock: (1) shall deliver to the corporation, before the vote is taken,
written notice of the stockholder's intent to demand payment if the proposed action is effectuated;
and (2) shall not vote, or cause or permit to be voted, any stock of the class or series in
favor of the proposed action. (b) If a corporate action specified in Section 10A-2A-13.02(a)
is to be approved by written consent, a stockholder who wishes to assert appraisal rights
with respect to any class or series of stock shall not sign a consent in favor of the proposed
action with respect to that class or series of stock. (c) If a corporate action specified
in Section 10A-2A-13.02(a) does not require stockholder approval...
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10A-2A-13.01
Section 10A-2A-13.01 Definitions. Notwithstanding Chapter 1, in this Article 13: (1) "Affiliate"
means a person that directly or indirectly through one or more intermediaries controls, is
controlled by, or is under common control with another person or is a senior executive of
that person. For purposes of Section 10A-2A-13.02(b)(4), a person is deemed to be an affiliate
of its senior executives. (2) "Corporation" means the corporation that is the issuer
of the stock held by a stockholder demanding appraisal and, for matters covered in Section
10A-2A-13.22 through Section 10A-2A-13.31, includes the surviving organization of a merger.
(3) "Fair value" means the value of the corporation's stock determined: (i) immediately
before the effectiveness of the corporate action to which the stockholder objects; (ii) using
customary and current valuation concepts and techniques generally employed for similar businesses
in the context of the transaction requiring appraisal; and (iii) without...
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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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10A-2A-13.22
Section 10A-2A-13.22 Appraisal notice and form. (a) If a corporate action requiring appraisal
rights under Section 10A-2A-13.02(a) becomes effective, the corporation shall deliver a written
appraisal notice and form required by subsection (b) to all stockholders who satisfy the requirements
of Section 10A-2A-13.21(a), (b), or (c). In the case of a merger under Section 10A-2A-11.05,
the parent shall deliver an appraisal notice and form to all record stockholders who may be
entitled to assert appraisal rights. (b) The appraisal notice shall be delivered no earlier
than the date the corporate action specified in Section 10A-2A-13.02(a) became effective,
and no later than 10 days after that date, and must: (1) supply a form that (i) specifies
the first date of any announcement to stockholders made before the date the corporate action
became effective of the principal terms of the proposed corporate action, (ii) if the announcement
was made, requires the stockholder asserting appraisal...
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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...
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10A-2A-13.03
Section 10A-2A-13.03 Assertion of rights by nominees and beneficial stockholders. (a) A record
stockholder may assert appraisal rights as to fewer than all the shares of stock registered
in the record stockholder's name but owned by a beneficial stockholder or a voting trust beneficial
owner only if the record stockholder objects with respect to all shares of stock of a class
or series owned by the beneficial stockholder or the voting trust beneficial owner and notifies
the corporation in writing of the name and address of each beneficial stockholder or voting
trust beneficial owner on whose behalf appraisal rights are being asserted. The rights of
a record stockholder who asserts appraisal rights for only part of the stock held of record
in the record stockholder's name under this subsection shall be determined as if the stock
as to which the record stockholder objects and the record stockholder's other shares of stock
were registered in the names of different record stockholders. (b)...
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10A-2A-13.20
Section 10A-2A-13.20 Notice of appraisal rights. (a) Where any corporate action specified in
Section 10A-2A-13.02(a) is to be submitted to a vote at a stockholders' meeting, the meeting
notice (or where no approval of the corporate action is required pursuant to Section 10A-2A-11.04(j),
the offer made pursuant to Section 10A-2A-11.04(j)), must state that the corporation has concluded
that appraisal rights are, are not, or may be available under this Article 13. If the corporation
concludes that appraisal rights are or may be available, a copy of this Article 13 must accompany
the meeting notice or offer sent to those record stockholders entitled to exercise appraisal
rights. (b) In a merger pursuant to Section 10A-2A-11.05, the parent entity shall notify in
writing all record stockholders of the subsidiary who are entitled to assert appraisal rights
that the corporate action became effective. The notice shall be sent within 10 days after
the corporate action became effective and...
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10A-2A-10.04
Section 10A-2A-10.04 Voting on amendments by voting groups. (a) The holders of the outstanding
stock of a class are entitled to vote as a separate voting group (if stockholder voting is
otherwise required by this chapter) on a proposed amendment to the certificate of incorporation
if the amendment would: (1) effect an exchange or reclassification of all or part of the stock
of the class into stock of another class; (2) effect an exchange or reclassification, or create
the right of exchange, of all or part of the stock of another class into stock of the class;
(3) change the rights, preferences, or limitations of all or part of the stock of the class;
(4) change the stock of all or part of the class into a different number of shares of stock
of the same class; (5) create a new class of stock having rights or preferences with respect
to distributions that are prior or superior to the stock of the class; (6) increase the rights,
preferences, or number of authorized shares of stock of any...
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10A-2A-17.06
Section 10A-2A-17.06 Rights of action. (a) Except in a proceeding authorized under Section
10A-2A-17.05(c) or this section, no person other than the corporation, or a stockholder in
the right of the corporation pursuant to subsection (b), may bring an action or assert a claim
with respect to the violation of any duty applicable to a benefit corporation or any of its
directors under this article. (b) Except for a proceeding brought under Section 10A-2A-17.05(c),
a proceeding by a stockholder of a benefit corporation claiming violation of any duty applicable
to a benefit corporation or any of its directors under this article: (1) must be brought in
a derivative proceeding pursuant to Division D of Article 7 of this chapter; and (2) may be
brought only by a stockholder of the benefit corporation that at the time of the act or omission
complained of either individually, or together with other stockholders bringing such action
collectively, owned directly or indirectly at least five percent...
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