SB501 Alabama 2012 Session

Sponsors

Session

Regular Session 2012

Title

Commercial development authorities, formation, requirement that incorporator be a natural person or qualified elector remove; Secs. 11-54-171, 11-54-173, 11-54-174, 11-54-178, 11-54-190 am'd

Description

<p class="bill_description"> Under existing law, a commercial development authority may incorporate in any municipality in the state for the purpose of acquiring, owning, or leasing projects that develop and promote commercial enterprises in the municipality</p><p class="bill_description"> This bill would define person for purposes of forming a commercial development authority to include a limited liability company or a partnership. This bill would remove the requirement that the authority be formed by not less than three natural persons. This bill would also remove the requirement that an incorporator of a commercial development authority be a qualified elector of the municipality where the authority is being formed</p><p class="bill_entitled_an_act"> Relating to commercial development authorities; to amend Sections 11-54-171, 11-54-173, 11-54-174, 11-54-178, and 11-54-190, Code of Alabama 1975; to provide further for the formation of a commercial development authority; and to remove the requirement that an incorporator be a qualified elector of the municipality where the authority is being formed. </p>

Subjects

Public Authorities