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2-10-58
Section 2-10-58 Provisions of bylaws. Each association incorporated under this article shall,
within 30 days after its incorporation, adopt for its government and management bylaws not
inconsistent with the powers granted by this article. A majority vote of the members or stockholders
or their written assent is necessary to adopt such bylaws. Each association, under its bylaws,
may also provide for any or all of the following matters: (1) The time, place and manner of
calling and conducting its meetings; (2) The number of stockholders or members constituting
a quorum; (3) The right of members or stockholders to vote by proxy or by mail or by both
and the conditions, manner, form and effects of such votes; (4) The number of directors constituting
a quorum; (5) The qualification, compensation, duties and term of office of directors and
officers, the time of their election and the mode and manner of giving notice thereof; (6)
Penalties for violations of the bylaws; (7) The amount of...
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2-10-62
Section 2-10-62 Certificate of membership; stock of association; member's liability for association's
debts. When a member of an association established without capital stock has paid his membership
fee in full, he shall receive a certificate of membership. No association shall issue stock
to a member until it has been fully paid for. The promissory notes of the members may be accepted
by the association as full or partial payment. The association shall hold the stock as security
for the payment of the note, but such retention as security shall not affect the member's
right to vote. Except for debts lawfully contracted between him and the association, no member
shall be liable for the debts of the association to an amount exceeding the sum remaining
unpaid on his membership fee or his subscription to the capital stock, including any unpaid
balance or any promissory notes given in payment thereof. No stockholder of a cooperative
association shall own more than 20 percent of the common...
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35-8A-103
Section 35-8A-103 Definitions. In the declaration and bylaws, unless specifically provided
otherwise or the context otherwise requires, and in this chapter, the following terms are
defined as set forth below: (1) AFFILIATE OF A DECLARANT. Any person who controls, is controlled
by, or is under common control with a declarant. A person "controls" a declarant
if the person (i) is a general partner, officer, director, or employer of the declarant, (ii)
directly or indirectly or acting in concert with one or more other persons, or through one
or more subsidiaries, owns, controls, holds with power to vote, or holds proxies representing
more than 20 percent of the voting interest in the declarant, (iii) controls in any manner
the election of a majority of the directors of the declarant, or (iv) has contributed more
than 20 percent of the capital of the declarant. A person "is controlled by" a declarant
if the declarant (i) is a general partner, officer, director, or employer of the person,...
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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...
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10A-1-1.03
Section 10A-1-1.03 Definitions. As used in this title, unless the context otherwise requires,
the following terms mean: (1) AFFILIATE. A person who controls, is controlled by, or is under
common control with another person. An affiliate of an individual includes the spouse, or
a parent or sibling thereof, of the individual, or a child, grandchild, sibling, parent, or
spouse of any thereof, of the individual, or an individual having the same home as the individual,
or a trust or estate of which an individual specified in this sentence is a substantial beneficiary;
a trust, estate, incompetent, conservatee, protected person, or minor of which the individual
is a fiduciary; or an entity of which the individual is director, general partner, agent,
employee or the governing authority or member of the governing authority. (2) ASSOCIATE. When
used to indicate a relationship with: (A) a domestic or foreign entity for which the person
is: (i) an officer or governing person; or (ii) a beneficial...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state, shall
execute a compact, in substantially the following form, with the State of Mississippi, and
the Legislature approves and ratifies the compact in the form substantially as follows: Northeast
Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states solemnly
agree: Article I. The purpose of this compact is to promote and develop trade, commerce, industry,
and employment opportunities for the public good and welfare in northeast Mississippi and
northwest Alabama through the establishment of a joint interstate authority to acquire certain
railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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5-17-6
Section 5-17-6 Withdrawal of members; expulsion for cause; termination of membership; readmission.
(a) Any member may withdraw from the credit union at any time, but notice of withdrawal may
be required. All amounts paid on shares or as deposits of an expelled or withdrawing member,
with any dividends or interest accredited thereto to the date thereof shall, as funds become
available and after deducting all amounts due from the member to the credit union, be paid
to the individual. The credit union may require 60 days' notice of intention to withdraw shares
and 30 days' notice of intention to withdraw deposits. A credit union may reserve in its bylaws
the right to pay out not more than one half of its monthly receipts to withdrawing members
and depositors. (b) The board of directors may expel a member for cause by a majority vote
of a quorum of directors, pursuant to a written policy adopted by the board. For the purposes
of this section, cause includes a loss to the credit union, a...
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2-10-60
Section 2-10-60 Selection of directors; contracts with association; vacancies. The affairs
of an association shall be managed by a board of not less than five directors, elected by
the members or stockholders from their own number. The bylaws may provide that the territory
in which the association has members shall be divided into districts and that the directors
shall be elected according to such districts. In such case, the bylaws shall specify the number
of directors to be elected by each district and the manner and method of reapportioning the
directors and redistricting the territory covered by the association. The bylaws may provide
that primary elections shall be held in each district to elect the directors apportioned to
such districts and the results of all such primary elections must be ratified by the next
regular meeting of the association. The bylaws may provide that one or more directors may
be appointed by the Commissioner of Agriculture and Industries, the President of...
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2-10-65
Section 2-10-65 Marketing contracts. The association and its members may make and execute marketing
contracts, requiring the members to sell, for any period of time not over 10 years, all or
any specified part of their agricultural products or specified commodities exclusively to
or through the association or any facilities to be created by the association. The contract
may provide that the association may sell or resell the products of its members, with or without
taking title thereto, and pay over to its members the resale price, after deducting all necessary
selling, overhead and other costs and expenses, including interest on preferred stock, not
exceeding eight percent per annum, and reserves for retiring the stock, if any, and other
proper reserves and interest not exceeding eight percent per annum upon common stock or other
items deemed proper. The bylaws and the marketing contract may fix, as liquidated damages,
specified sums to be paid by the member or stockholder to the...
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