HB209 Alabama 2022 Session
Summary
- Primary Sponsor
-
Tim Wadsworth RepresentativeRepublican - 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
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.
- Subjects
- Corporations
Bill Actions
Pending third reading on day 12 Favorable from Financial Services
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Bill Text
Documents
Source: Alabama Legislature