SB174 Alabama 2019 Session

This bill would make changes to the Alabama Business and Nonprofit Entity Code by revising the Alabama Business Corporation Law to reflect the national standards set by the Model Business Corporation Act of 2016 and the Delaware General Corporation Law, and would make conforming changes throughout the Alabama Business and Nonprofit Entity Code in order to effectuate the changes to the Alabama Business Corporation Law and conform with the other entities governed by the Alabama Business and Nonprofit Entity Code

Relating to business entities; to add Chapter 2A to Title 10A, consisting of Sections 10A-2A-1.01 to 10A-2A-17.06, inclusive, to the Code of Alabama 1975, substantially revising the Alabama Business Corporation Law to reflect the national standards set by the Model Business Corporation Act of 2016 and the Delaware General Corporation Law; to amend Sections 10A-1-1.02, 10A-1-1.03, 10A-1-1.08, 10A-1-1.12, 10A-1-3.05, 10A-1-3.06, 10A-1-3.32, 10A-1-3.42, 10A-1-4.01, and 10A-1-4.02, Code of Alabama 1975, as amended by Act 2018-125; to amend Sections 10A-1-4.04, 10A-1-4.06, 10A-1-4.11, 10A-1-4.13, 10A-1-4.15, 10A-1-4.21, 10A-1-4.23, and 10A-1-4.24, Code of Alabama 1975; to amend Section 10A-1-4.25, Code of Alabama 1975, as amended by Act 2018-125; to amend Section 10A-1-4.26, Code of Alabama 1975; to amend Sections 10A-1-4.31, 10A-1-5.01, and 10A-1-5.08, Code of Alabama 1975, as amended by Act 2018-125; to amend Section 10A-1-6.01, Code of Alabama 1975; to amend Sections 10A-1-6.02, 10A-1-7.01, 10A-1-7.04, and 10A-1-7.11, Code of Alabama 1975, as amended by Act 2018-125; to amend Section 10A-1-7.21, Code of Alabama 1975; to amend Sections 10A-1-7.31, 10A-1-8.01, and 10A-1-8.02, Code of Alabama 1975, as amended by Act 2018-125; to amend Sections 10A-1-8.04, 10A-1-9.01, 10A-4-2.02, 10A-4-4.01, 10A-4-4.02, 10A-4-5.01, 10A-4-5.04, 10A-5A-10.01, 10A-5A-10.03, 10A-5A-10.04, 10A-5A-10.05, and 10A-5A-10.07, Code of Alabama 1975; to amend Section 10A-5A-10.08, Code of Alabama 1975, as amended by Act 2018-125; to amend Sections 10A-8A-9.02, 10A-8A-9.04, 10A-8A-9.05, 10A-8A-9.06, 10A-8A-9.08, and 10A-8A-9.09, as added to the Code of Alabama 1975 by Act 2018-125; to amend Sections 10A-9A-10.02, 10A-9A-10.04, 10A-9A-10.05, 10A-9A-10.06, and 10A-9A-10.08, Code of Alabama 1975; to amend Section 10A-9A-10.09, Code of Alabama 1975, as amended by Act 2018-125; to amend Sections 10A-10-1.09, 10A-10-1.12, 10A-10-1.15, 10A-10-1.16, 10A-11-1.01, 10A-11-1.03, 10A-11-1.04, 10A-11-1.06, 10A-11-1.12, 10A-30-2.01, 10A-30-2.03, 10A-30-2.04, 10A-30-2.05, 10A-30-2.06, 10A-30-2.09, 10A-30-2.12, and 10A-30-2.13, Code of Alabama 1975, to make conforming changes throughout the Alabama Business and Nonprofit Entity Code in order to effectuate the changes to the Alabama Business Corporation Law and conform with the other entities governed by the Alabama Business and Nonprofit Entity Code; and to repeal Chapter 2 of Title 10, consisting of Sections 10A-2-1.01 to 10A-2-17.02, inclusive, Code of Alabama 1975.