2021 Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 20 - Special Purpose Entities.
Article 7 - Industrial Development Corporation.
Section 10A-20-7.09 - Powers of Stockholders and Members.
Powers of stockholders and members.
(a) The stockholders and the members of the corporation shall have the following powers of the corporation:
(1) To determine the number of and elect directors as provided in Section 10A-20-7.07.
(2) To make, amend, and repeal bylaws.
(3) To amend this charter as provided in Section 10A-20-7.20.
(4) To dissolve the corporation as provided in Section 10A-20-7.22.
(5) To do all things necessary or desirable to secure aid, assistance loans, and other financing from any financial institutions and from any agency established under the Small Business Investment Act of 1958, or other similar federal laws now or hereafter enacted.
(6) To exercise the other of the powers of the corporation consistent with this article as may be conferred on the stockholders and the members by the bylaws.
(b) As to all matters requiring action by the stockholders and the members of the corporation, the stockholders and members shall vote separately thereon by classes and, except as otherwise provided in this article, the matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the members present or represented at the meeting shall be entitled.
(c) Each stockholder shall have one vote, in person or by proxy, for each share of capital stock held, and each member shall have one vote, in person or by proxy; except, that any member having a loan limit of more than one thousand dollars ($1,000) shall have one additional vote, in person or by proxy, for each additional one thousand dollars ($1,000) which the member is authorized to have outstanding on loans to the corporation at any one time as determined under subdivision (3)b. of Section 10A-20-7.11.
(Acts 1969, No. 322, p. 681, §7; §10-4-138; amended and renumbered by Act 2009-513, p. 967, §336.)