2009 Alabama Code
Title 10A — ALABAMA BUSINESS AND NONPROFIT ENTITIES CODE.
Chapter 2 — BUSINESS CORPORATIONS.

• Article 1 General Provisions.
• Division A Short Title and Applicability.
• Section 10A-2-1.01 Short title and applicability.
• Division B Filing Instruments.
• Section 10A-2-1.20
• Section 10A-2-1.21 Filing fees.
• Section 10A-2-1.22 Reserved.
• Section 10A-2-1.40 Definitions applicable to business corporations.
• Section 10A-2-1.41 Notice.
• Article 2 Formation and Governing Documents.
• Section 10A-2-2.01 Incorporators.
• Section 10A-2-2.02 Supplemental provisions required or permitted in articles of incorporation.
• Section 10A-2-2.03 Incorporation.
• Section 10A-2-2.04 Liability for preincorporation transactions.
• Section 10A-2-2.05 Organization of corporation.
• Section 10A-2-2.06 Bylaws.
• Section 10A-2-2.07 Emergency bylaws.
• Section 10A-2-2.08 Incorporation by purchasers of property or franchise of corporation.
• Article 3 Purposes and Powers.
• Section 10A-2-3.01 Purpose.
• Section 10A-2-3.02 General powers.
• Section 10A-2-3.03 Emergency powers.
• Section 10A-2-3.04 Ultra vires.
• Article 4 Reserved.
• Article 5 Reserved.
• Article 6 Shares and Distributions.
• Division A Shares.
• Section 10A-2-6.01 Authorized shares.
• Section 10A-2-6.02 Terms of class or series determined by board of directors.
• Section 10A-2-6.03 Issued and outstanding shares.
• Section 10A-2-6.04 Fractional shares.
• Division B Issuance of Shares.
• Section 10A-2-6.20 Subscription for shares before incorporation.
• Section 10A-2-6.21 Issuance of shares.
• Section 10A-2-6.22 Liability of shareholders and subscribers.
• Section 10A-2-6.23 Share dividends.
• Section 10A-2-6.24 Share options.
• Section 10A-2-6.25 Corporate shares as personal property; transferability.
• Section 10A-2-6.26 Reserved.
• Section 10A-2-6.27 Restriction on transfer of shares and other securities.
• Section 10A-2-6.28 Expense of issue.
• Division C Subsequent Acquisition of Shares by Shareholders and Corporation.
• Section 10A-2-6.30 Shareholders' preemptive rights.
• Section 10A-2-6.31 Corporation's acquisition of its own shares.
• Section 10A-2-6.32 Cancellation of reacquired shares.
• Division D Distributions.
• Section 10A-2-6.40 Distributions to shareholders.
• Article 7 Shareholders.
• Division A Meetings.
• Section 10A-2-7.01 Annual meeting.
• Section 10A-2-7.02 Special meeting.
• Section 10A-2-7.03 Court-ordered meeting.
• Section 10A-2-7.04 Action without meeting.
• Section 10A-2-7.05 Notice of meeting.
• Section 10A-2-7.06 Waiver of notice.
• Section 10A-2-7.07 Record date.
• Division B Voting.
• Section 10A-2-7.20 Shareholders' list for meeting.
• Section 10A-2-7.21 Voting entitlement of shares.
• Section 10A-2-7.22 Proxies.
• Section 10A-2-7.23 Shares held by nominees.
• Section 10A-2-7.24 Corporation's acceptance of votes.
• Section 10A-2-7.25 Quorum and voting requirements for voting groups.
• Section 10A-2-7.26 Action by single and multiple voting groups.
• Section 10A-2-7.27 Greater quorum or voting requirements.
• Section 10A-2-7.28 Voting for directors; cumulative voting.
• Division C Voting Trusts and Agreements.
• Section 10A-2-7.30 Voting trust.
• Section 10A-2-7.31 Voting agreements.
• Section 10A-2-7.32 Shareholder agreements.
• Division D Infant Stockholders.
• Section 10A-2-7.33 Corporation without notice of infancy may treat infant as having capacity to vote, transfer, etc.
• Section 10A-2-7.34 Infant not entitled to disaffirm as against corporation without notice of infancy.
• Section 10A-2-7.35 Right of infant to receive dividends in own name.
• Section 10A-2-7.36 Effect of chapter on Transfers to Minors Act, etc.
• Article 8 Directors and Officers.
• Division A Board of Directors.
• Section 10A-2-8.01 Requirements for and duties of board of directors.
• Section 10A-2-8.02 Qualifications of directors.
• Section 10A-2-8.03 Number and election of directors.
• Section 10A-2-8.04 Election of directors by certain classes of shareholders.
• Section 10A-2-8.05 Terms of directors generally.
• Section 10A-2-8.06 Staggered terms for directors.
• Section 10A-2-8.07 Resignation of directors.
• Section 10A-2-8.08
• Section 10A-2-8.09 Removal of directors by judicial proceeding.
• Section 10A-2-8.10 Vacancy on board.
• Section 10A-2-8.11 Compensation of directors,
• Division B Meetings and Actions of the Board.
• Section 10A-2-8.20 Meetings.
• Section 10A-2-8.21 Action without meeting.
• Section 10A-2-8.22 Notice of meeting.
• Section 10A-2-8.23 Waiver of notice.
• Section 10A-2-8.24 Quorum and voting.
• Section 10A-2-8.25 Committees.
• Division C Standards of Conduct.
• Section 10A-2-8.30 General standards for directors.
• Section 10A-2-8.31 Fiduciary obligations not impaired.
• Section 10A-2-8.32 Depreciating stocks or bonds of corporation with intent to buy.
• Section 10A-2-8.33 Liability for unlawful distributions.
• Division D Officers.
• Section 10A-2-8.40 Required officers.
• Section 10A-2-8.41 Duties of officers.
• Section 10A-2-8.42 Standards of conduct for officers.
• Section 10A-2-8.43 Resignation and removal of officers.
• Section 10A-2-8.44 Contract rights of officers.
• Division E Indemnification.
• Section 10A-2-8.50 Definitions.
• Section 10A-2-8.51 Authority to indemnify.
• Section 10A-2-8.52 Mandatory indemnification.
• Section 10A-2-8.53 Advance for expenses.
• Section 10A-2-8.54 Court-ordered indemnification.
• Section 10A-2-8.55 Determination and authorization of indemnification.
• Section 10A-2-8.56 Indemnification of officers, employees, and agents.
• Section 10A-2-8.57 Insurance.
• Section 10A-2-8.58 Application of indemnification provisions.
• Division F Directors' Conflicting Interest Transactions.
• Section 10A-2-8.60 Definitions.
• Section 10A-2-8.61 Judicial action.
• Section 10A-2-8.62 Directors' action.
• Section 10A-2-8.63 Shareholders' action.
• Article 9 Reserved.
• Article 10 Amendment of Articles of Incorporation and Bylaws.
• Division A Amendment of Articles of Incorporation.
• Section 10A-2-10.01 Authority to amend articles of incorporation.
• Section 10A-2-10.02 Amendment by board of directors.
• Section 10A-2-10.03 Amendment by board of directors and shareholders.
• Section 10A-2-10.04 Voting on amendments by voting groups.
• Section 10A-2-10.05 Amendment before issuance of shares.
• Section 10A-2-10.06 Articles of amendment.
• Section 10A-2-10.07 Restated articles of incorporation.
• Section 10A-2-10.08 Amendment pursuant to reorganization.
• Section 10A-2-10.09 Effect of amendment.
• Division B Amendment of Bylaws.
• Section 10A-2-10.20 Amendment by board of directors or shareholders.
• Section 10A-2-10.21 Bylaw increasing quorum or voting requirement for shareholders.
• Section 10A-2-10.22 Bylaw increasing quorum or voting requirement for directors.
• Article 11 Merger and Share Exchange.
• Section 10A-2-11.01 Merger.
• Section 10A-2-11.02 Share exchange.
• Section 10A-2-11.03 Action on plan.
• Section 10A-2-11.04 Merger of subsidiary.
• Section 10A-2-11.05 Articles of merger or share exchange.
• Section 10A-2-11.06 Effect of merger or share exchange.
• Section 10A-2-11.07 Merger or share exchange with foreign corporation.
• Section 10A-2-11.08 Nonexclusive.
• Article 12 Sale or Mortgage of Assets.
• Section 10A-2-12.01 Sale of assets in regular course of business and mortgage of assets.
• Section 10A-2-12.02 Sale of assets other than in regular course of business.
• Article 13 Dissenters' Rights.
• Division A Right to Dissent and Obtain Payment for Shares.
• Section 10A-2-13.01 Definitions.
• Section 10A-2-13.02 Right to dissent.
• Section 10A-2-13.03 Dissent by nominees and beneficial owners.
• Division B Procedure for Exercise of Dissenters' Rights.
• Section 10A-2-13.20 Notice of dissenters' rights.
• Section 10A-2-13.21 Notice of intent to demand payment.
• Section 10A-2-13.22 Dissenters' notice.
• Section 10A-2-13.23 Duty to demand payment.
• Section 10A-2-13.24 Share restriction.
• Section 10A-2-13.25 Offer of payment.
• Section 10A-2-13.26 Failure to take corporate action.
• Section 10A-2-13.27 Reserved.
• Section 10A-2-13.28 Procedure if shareholder dissatisfied with offer to payment.
• Division C Judicial Appraisal of Shares.
• Section 10A-2-13.30 Court action.
• Section 10A-2-13.31 Court costs and counsel fees.
• Section 10A-2-13.32 Status of shares after payment.
• Article 14 Dissolution.
• Division A Voluntary Dissolution.
• Section 10A-2-14.01 Dissolution by incorporators or initial directors
• Section 10A-2-14.02 Dissolution by board of directors and shareholders.
• Section 10A-2-14.03 Articles of dissolution.
• Section 10A-2-14.04 Revocation of dissolution.
• Section 10A-2-14.05 Effect of dissolution.
• Division B Administrative Dissolution.
• Section 10A-2-14.20 Grounds for administrative dissolution.
• Section 10A-2-14.21 Procedure for and effect of administrative dissolution.
• Section 10A-2-14.22 Reinstatement following administrative dissolution.
• Section 10A-2-14.23 Appeal from denial of reinstatement.
• Division C Judicial Dissolution.
• Section 10A-2-14.30 Grounds for judicial dissolution.
• Section 10A-2-14.31 Procedure for judicial dissolution.
• Section 10A-2-14.32 Receivership or custodianship.
• Section 10A-2-14.33 Decree of dissolution.
• Section 10A-2-14.34 Election to purchase in lieu of dissolution.
• Division D Miscellaneous.
• Section 10A-2-14.40 Deposit with State Treasurer.
• Article 15 Foreign Corporations.
• Division A Registration.
• Section 10A-2-15.01 Registration required to transact business.
• Section 10A-2-15.02 Consequences of transacting business without registering.
• Division B Reserved.
• Division C Reserved.
• Division D Acting in a Fiduciary Capacity.
• Section 10A-2-15.40 Definitions.
• Section 10A-2-15.41 Authority of foreign corporation to act as fiduciary.
• Section 10A-2-15.42 Filing of verified statement with Commissioner of Revenue by foreign corporation prior to acting as fiduciary.
• Section 10A-2-15.43 Foreign corporation acting as fiduciary not deemed doing business in this state.
• Section 10A-2-15.44 Foreign corporation previously acting in fiduciary capacity in state.
• Section 10A-2-15.45 Service of process on foreign corporation acting in fiduciary capacity.
• Article 16 Records and Reports.
• Division A Records.
• Section 10A-2-16.01 Corporate records.
• Section 10A-2-16.02 Inspection of records by shareholders.
• Section 10A-2-16.03 Scope of inspection right.
• Section 10A-2-16.04 Court-ordered inspection.
• Division B Reports.
• Section 10A-2-16.20 Financial statements for shareholders.
• Section 10A-2-16.21 Other reports to shareholders.
• Section 10A-2-16.22 Annual report for Secretary of State.
• Article 17 Application.
• Section 10A-2-17.01 Application to existing domestic corporations.
• Section 10A-2-17.02 Application to qualified foreign corporations.