SB569 Alabama 2012 Session

Under existing law, the Alabama Business Corporation Law authorizes and regulates the formation and governance of general corporations.

The Alabama Nonprofit Corporation Law authorizes the formation and governs the nonprofit corporation.

This bill would authorize and regulate the formation of a benefit corporation.

This bill would define terms.

This bill would permit an existing corporation to become a benefit corporation.

This bill would provide standards of conduct for directors and officers.

Relating to corporations; to authorize and regulate the formation of a benefit corporation; to define terms; to permit an existing corporation to become a benefit corporation; and to provide standards of conduct for directors and officers.