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2020 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 20 - Special Purpose Entities.
Article 7 - Industrial Development Corporation.
Section 10A-20-7.22 - Dissolution.
Universal Citation: AL Code § 10A-20-7.22 (2020)
Section 10A-20-7.22
Dissolution.
A corporation may, upon the affirmative vote of two thirds of the votes to which the stockholders shall be entitled and two thirds of the votes to which the members shall be entitled, dissolve the corporation. Upon dissolution of the corporation, none of the corporation's assets shall be distributed to the stockholders until all sums due the members of the corporation as creditors thereof have been paid in full.
(Acts 1969, No. 322, p. 681, §15; §10-4-151; amended and renumbered by Act 2009-513, p. 967, §336.)
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