HB230 Alabama 2024 Session

Summary

Primary Sponsor

Margie WilcoxRepresentative

Republican

Session

Regular Session 2024

Title

Domestic and Foreign Corporations; annual report requirement removed

Summary

HB230 repeals the annual report filing requirement for domestic and foreign corporations in Alabama and shifts focus to maintaining ongoing corporate records instead.

What This Bill Does

The bill eliminates the statute that requires corporations to file an annual report with the Secretary of State, effective October 1, 2024. It maintains certain record-keeping duties, requiring corporations to keep documents like the certificate of incorporation, bylaws, meeting minutes, and notices to stockholders, plus a current stockholder list with addresses and any electronic contact information if notices are sent electronically. It preserves some enforcement options for foreign entities, including the possibility of revoking registration for failures related to annual reporting (if such reporting is required by law) and other listed violations, and it updates notice delivery rules to allow electronic communications with consent.

Who It Affects

• Domestic corporations in Alabama – no longer must file an annual report with the Secretary of State; they must maintain specified records and may rely on ongoing documentation rather than annual submissions.
• Foreign corporations authorized to transact business in Alabama – face the same removal of the annual report filing, continued record-keeping requirements, and potential enforcement actions related to past or remaining filing obligations; notices can be delivered electronically with consent.
• Stockholders – notices and communications can be delivered electronically if the stockholder has consented, and stockholder records must include current addresses and electronic contact information.

Key Provisions

• Repeals the requirement that corporations file an annual report with the Secretary of State and repeals Section 10A-2A-16.11; the act becomes effective October 1, 2024.
• Maintains essential corporate records (certificate of incorporation, bylaws, minutes, written communications to stockholders, and a current stockholder list with addresses and electronic contact information) and allows electronic notice delivery with stockholder consent.
• Provides grounds for revoking a foreign entity's registration for failures such as not delivering annual reports (where required by law) within 180 days, failure to pay taxes or fees, lack of a registered agent or office, failure to file required changes, false documents, or termination status, and updates notice delivery rules to accommodate electronic communications.

AI-generated summary using openai/gpt-5-nano on Feb 22, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Businesses & Financial Institutions