HB209 Alabama 2022 Session
Bill Summary
Under existing law, a corporation in the State of Alabama may issue fractions of a share of stock in registered or bearer form. A scrip in bearer form is a certificate representing a fraction of a share of stock that is not registered in the issuing corporation's books
This bill would prohibit a corporation from issuing scrip in bearer form, thereby requiring a corporation to register all issued scrip of fractional stock
This bill would also provide that a corporation that issues or transfers scrip in uncertificated form shall comply with the appropriate notice requirements
Relating to business and nonprofit entities; to amend Section 10A-2A-6.04, Code of Alabama 1975, to revise the requirements for a corporation to issue or transfer fractional stock; and to prohibit a corporation from issuing a certificate representing scrip in bearer form.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| February 16, 2022 | H | Pending third reading on day 12 Favorable from Financial Services |
| February 16, 2022 | H | Read for the second time and placed on the calendar |
| February 2, 2022 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | February 16, 2022 | Room 617 at 09:30 | House FS Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB209 Alabama 2022 Session - Introduced |
| Fiscal Note | Fiscal Note - HB209 for Financial Services |