2006 Alabama Code - Chapter 2B — BUSINESS CORPORATIONS.

Article 1 General Provisions.

• Section 10-2B-1.01 — Short title and applicability.
• Section 10-2B-1.02 — Reservation of power to amend or repeal.
• Section 10-2B-1.20 — Filing requirements.
• Section 10-2B-1.21 — Forms.
• Section 10-2B-1.22 — Filing, service, and copying fees.
• Section 10-2B-1.23 — Effective time and date of document.
• Section 10-2B-1.24 — Correcting filed document.
• Section 10-2B-1.25 — Place of filing and filing duties of probate judge and Secretary of State.
• Section 10-2B-1.26 — Appeal from probate judge's or Secretary of State's refusal to file document.
• Section 10-2B-1.27 — Evidentiary effect of copy of filed document.
• Section 10-2B-1.28 — Certificate of existence.
• Section 10-2B-1.29 — Penalty for signing false document.
• Section 10-2B-1.30 — Powers of probate judge and Secretary of State.
• Section 10-2B-1.40 — Definitions.
• Section 10-2B-1.41 — Notice.

Article 2 Incorporation.

• Section 10-2B-2.01 — Incorporators.
• Section 10-2B-2.02 — Articles of incorporation.
• Section 10-2B-2.03 — Incorporation.
• Section 10-2B-2.04 — Liability for preincorporation transaction.
• Section 10-2B-2.05 — Organization of corporation.
• Section 10-2B-2.06 — Bylaws.
• Section 10-2B-2.07 — Emergency bylaws.
• Section 10-2B-2.08 — Incorporation by purchasers of property or franchise of corporation.

Article 3 Purposes and Powers.

• Section 10-2B-3.01 — Purposes.
• Section 10-2B-3.02 — General powers.
• Section 10-2B-3.03 — Emergency powers.
• Section 10-2B-3.04 — Ultra vires.

Article 4 Name.

• Section 10-2B-4.01 — Corporate name.
• Section 10-2B-4.02 — Reserved name.
• Section 10-2B-4.03 — Registered name.

Article 5 Office and Agent.

• Section 10-2B-5.01 — Registered office and registered agent.
• Section 10-2B-5.02 — Change of registered office or registered agent.
• Section 10-2B-5.03 — Resignation of registered agent.
• Section 10-2B-5.04 — Service on corporation.

Article 6 Shares and Distributions.

• Section 10-2B-6.01 — Authorized shares.
• Section 10-2B-6.02 — Terms of class or series determined by board of directors.
• Section 10-2B-6.03 — Issued and outstanding shares.
• Section 10-2B-6.04 — Fractional shares.
• Section 10-2B-6.20 — Subscription for shares before incorporation.
• Section 10-2B-6.21 — Issuance of shares.
• Section 10-2B-6.22 — Liability of shareholders and subscribers.
• Section 10-2B-6.23 — Share dividends.
• Section 10-2B-6.24 — Share options.
• Section 10-2B-6.25 — Form and content of certificates.
• Section 10-2B-6.26 — Shares without certificates.
• Section 10-2B-6.27 — Restriction on transfer of shares and other securities.
• Section 10-2B-6.28 — Expense of issue.
• Section 10-2B-6.30 — Shareholders' preemptive rights.
• Section 10-2B-6.31 — Corporation's acquisition of its own shares.
• Section 10-2B-6.32 — Cancellation of reacquired shares.
• Section 10-2B-6.40 — Distributions to shareholders.

Article 7 Shareholders.

• Section 10-2B-7.01 — Annual meeting.
• Section 10-2B-7.02 — Special meeting.
• Section 10-2B-7.03 — Court-ordered meeting.
• Section 10-2B-7.04 — Action without meeting.
• Section 10-2B-7.05 — Notice of meeting.
• Section 10-2B-7.06 — Waiver of notice.
• Section 10-2B-7.07 — Record date.
• Section 10-2B-7.20 — Shareholders' list for meeting.
• Section 10-2B-7.21 — Voting entitlement of shares.
• Section 10-2B-7.22 — Proxies.
• Section 10-2B-7.23 — Shares held by nominees.
• Section 10-2B-7.24 — Corporation's acceptance of votes.
• Section 10-2B-7.25 — Quorum and voting requirements for voting groups.
• Section 10-2B-7.26 — Action by single and multiple voting groups.
• Section 10-2B-7.27 — Greater quorum or voting requirements.
• Section 10-2B-7.28 — Voting for directors; cumulative voting.
• Section 10-2B-7.30 — Voting trust.
• Section 10-2B-7.31 — Voting agreements.
• Section 10-2B-7.32 — Shareholder agreements.

Article 8 Directors and Officers.

• Section 10-2B-8.01 — Requirement for and duties of board of directors.
• Section 10-2B-8.02 — Qualifications of directors.
• Section 10-2B-8.03 — Number and election of directors.
• Section 10-2B-8.04 — Election of directors by certain classes of shareholders.
• Section 10-2B-8.05 — Terms of directors generally.
• Section 10-2B-8.06 — Staggered terms for directors.
• Section 10-2B-8.07 — Resignation of directors.
• Section 10-2B-8.08 — Removal of directors by shareholders.
• Section 10-2B-8.09 — Removal of directors by judicial proceeding.
• Section 10-2B-8.10 — Vacancy on board.
• Section 10-2B-8.11 — Compensation of directors.
• Section 10-2B-8.20 — Meetings.
• Section 10-2B-8.21 — Action without meeting.
• Section 10-2B-8.22 — Notice of meeting.
• Section 10-2B-8.23 — Waiver of notice.
• Section 10-2B-8.24 — Quorum and voting.
• Section 10-2B-8.25 — Committees.
• Section 10-2B-8.30 — General standards for directors.
• Section 10-2B-8.31 — Fiduciary obligations not impaired.
• Section 10-2B-8.32 — Depreciating stocks or bonds of corporation with intent to buy.
• Section 10-2B-8.33 — Liability for unlawful distributions.
• Section 10-2B-8.40 — Required officers.
• Section 10-2B-8.41 — Duties of officers.
• Section 10-2B-8.42 — Standards of conduct for officers.
• Section 10-2B-8.43 — Resignation and removal of officers.
• Section 10-2B-8.44 — Contract rights of officers.
• Section 10-2B-8.50 — Definitions.
• Section 10-2B-8.51 — Authority to indemnify.
• Section 10-2B-8.52 — Mandatory indemnification.
• Section 10-2B-8.53 — Advance for expenses.
• Section 10-2B-8.54 — Court-ordered indemnification.
• Section 10-2B-8.55 — Determination and authorization of indemnification.
• Section 10-2B-8.56 — Indemnification of officers, employees, and agents.
• Section 10-2B-8.57 — Insurance.
• Section 10-2B-8.58 — Application of indemnification provisions.
• Section 10-2B-8.60 — Definitions.
• Section 10-2B-8.61 — Judicial action.
• Section 10-2B-8.62 — Directors' action.
• Section 10-2B-8.63 — Shareholders' action.

Article 10 Amendment of Articles of Incorporation and Bylaws.

Division A Amendment of Articles of Incorporation.

• Section 10-2B-10.01 — Authority to amend articles of incorporation.
• Section 10-2B-10.02 — Amendment by board of directors.
• Section 10-2B-10.03 — Amendment by board of directors and shareholders.
• Section 10-2B-10.04 — Voting on amendments by voting groups.
• Section 10-2B-10.05 — Amendment before issuance of shares.
• Section 10-2B-10.06 — Articles of amendment.
• Section 10-2B-10.07 — Restated articles of incorporation.
• Section 10-2B-10.08 — Amendment pursuant to reorganization.
• Section 10-2B-10.09 — Effect of amendment.
• Section 10-2B-10.20 — Amendment by board of directors or shareholders.
• Section 10-2B-10.21 — Bylaw increasing quorum or voting requirement for shareholders.
• Section 10-2B-10.22 — Bylaw increasing quorum or voting requirement for directors.

Article 11 Merger and Share Exchange.

• Section 10-2B-11.01 — Merger.
• Section 10-2B-11.02 — Share exchange.
• Section 10-2B-11.03 — Action on plan.
• Section 10-2B-11.04 — Merger of subsidiary.
• Section 10-2B-11.05 — Articles of merger or share exchange.
• Section 10-2B-11.06 — Effect of merger or share exchange.
• Section 10-2B-11.07 — Merger or share exchange with foreign corporation.
• Section 10-2B-11.08 — Merger of limited partnership with corporation.

Article 12 Sale or Mortgage of Assets.

• Section 10-2B-12.01 — Sale of assets in regular course of business and mortgage of assets.
• Section 10-2B-12.02 — Sale of assets other than in regular course of business.

Article 13 Dissenters' Rights.

• Section 10-2B-13.01 — Definitions.
• Section 10-2B-13.02 — Right to dissent.
• Section 10-2B-13.03 — Dissent by nominees and beneficial owners.
• Section 10-2B-13.20 — Notice of dissenters' rights.
• Section 10-2B-13.21 — Notice of intent to demand payment.
• Section 10-2B-13.22 — Dissenters' notice.
• Section 10-2B-13.23 — Duty to demand payment.
• Section 10-2B-13.24 — Share restrictions.
• Section 10-2B-13.25 — Offer of payment.
• Section 10-2B-13.26 — Failure to take corporate action.
• Section 10-2B-13.27 — Reserved.
• Section 10-2B-13.28 — Procedure if shareholder dissatisfied with offer of payment.
• Section 10-2B-13.30 — Court action.
• Section 10-2B-13.31 — Court costs and counsel fees.
• Section 10-2B-13.32 — Status of shares after payment.

Article 14 Dissolution.

• Section 10-2B-14.01 — Dissolution by incorporators or initial directors.
• Section 10-2B-14.02 — Dissolution by board of directors and shareholders.
• Section 10-2B-14.03 — Articles of dissolution.
• Section 10-2B-14.04 — Revocation of dissolution.
• Section 10-2B-14.05 — Effect of dissolution.
• Section 10-2B-14.06 — Known claims against dissolved corporation.
• Section 10-2B-14.07 — Unknown claims against dissolved corporation.
• Section 10-2B-14.20 — Grounds for administrative dissolution.
• Section 10-2B-14.21 — Procedure for and effect of administrative dissolution.
• Section 10-2B-14.22 — Reinstatement following administrative dissolution.
• Section 10-2B-14.23 — Appeal from denial of reinstatement.
• Section 10-2B-14.30 — Grounds for judicial dissolution.
• Section 10-2B-14.31 — Procedure for judicial dissolution.
• Section 10-2B-14.32 — Receivership or custodianship.
• Section 10-2B-14.33 — Decree of dissolution.
• Section 10-2B-14.34 — Election to purchase in lieu of dissolution.
• Section 10-2B-14.40 — Deposit with Commissioner of Revenue.

Article 15 Foreign Corporations.

• Section 10-2B-15.01 — Authority to transact business required.
• Section 10-2B-15.02 — Consequences of transacting business without authority.
• Section 10-2B-15.03 — Application for certificate of authority.
• Section 10-2B-15.04 — Amended certificate of authority.
• Section 10-2B-15.05 — Effect of certificate of authority.
• Section 10-2B-15.06 — Corporate name of foreign corporation.
• Section 10-2B-15.07 — Registered office and registered agent of foreign corporation.
• Section 10-2B-15.08 — Change of registered office or registered agent of foreign corporation.
• Section 10-2B-15.09 — Resignation of registered agent of foreign corporation.
• Section 10-2B-15.10 — Service on foreign corporation.
• Section 10-2B-15.11 — Out of state business or property of foreign corporation not subject to control or regulation.
• Section 10-2B-15.12 — Right of eminent domain.
• Section 10-2B-15.13 — Extension of lines, tracks, ways, or works into state.
• Section 10-2B-15.20 — Withdrawal of foreign corporation.
• Section 10-2B-15.30 — Grounds for revocation.
• Section 10-2B-15.31 — Procedure for and effect of revocation.
• Section 10-2B-15.32 — Appeal from revocation.
• Section 10-2B-15.40 — Definitions.
• Section 10-2B-15.41 — Authority of foreign corporation to act as fiduciary.
• Section 10-2B-15.42 — Filing of verified statement with Commissioner of Revenue by foreign corporation prior to acting as fiduciary.
• Section 10-2B-15.43 — Foreign corporation acting as fiduciary not deemed doing business in this state.
• Section 10-2B-15.44 — Foreign corporation previously acting in fiduciary capacity in state.
• Section 10-2B-15.45 — Service of process on foreign corporation acting in fiduciary capacity.

Article 16 Records and Reports.

• Section 10-2B-16.01 — Corporate records.
• Section 10-2B-16.02 — Inspection of records by shareholders.
• Section 10-2B-16.03 — Scope of inspection right.
• Section 10-2B-16.04 — Court-ordered inspection.
• Section 10-2B-16.20 — Financial statements for shareholders.
• Section 10-2B-16.21 — Other reports to shareholders.
• Section 10-2B-16.22 — Annual report for Secretary of State.

Article 17 Application.

• Section 10-2B-17.01 — Application to existing domestic corporations.
• Section 10-2B-17.02 — Application to qualified foreign corporations.
• Section 10-2B-17.03 — Saving provisions.