HB209 Alabama 2022 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2022
Title
Corporations, stock, issuance in fractional shores reg., issuance of scrip in bearer form prohibited, Sec. 10A-2A-6.04 am'd.
Description
<p class="bill_description"> 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</p><p class="bill_description">
This bill would prohibit a corporation from
issuing scrip in bearer form, thereby requiring a
corporation to register all issued scrip of
fractional stock</p><p class="bill_description">
This bill would also provide that a
corporation that issues or transfers scrip in
uncertificated form shall comply with the
appropriate notice requirements</p><p class="bill_entitled_an_act"> 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.
</p>
Subjects
Corporations
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 |