The bill SB112 amends various sections of the Alabama Business and Nonprofit Entities Code to modernize and clarify existing laws, aligning them with recent changes in Delaware law and the Model Business Corporation Act. Key changes include the deletion of references to the old Alabama Nonprofit Corporation Law, the requirement for registered agents to have an address within Alabama, and the specification that the certificate of formation must include the county of the registered agent. The bill also streamlines the ratification process for certain corporate actions, allows for the exculpation of certain officers under specific circumstances, and introduces new sections for ratification processes for limited liability companies, limited partnerships, and partnerships. Additionally, it establishes the Alabama Statewide Trade Association Law, clarifying the amendment and restatement processes for business and nonprofit corporations.

Furthermore, SB112 updates definitions and clarifies terms related to various business entities, including the removal of outdated language and the introduction of new definitions such as "designated court" and "electronic transmission." The bill emphasizes the roles and responsibilities of governing authorities and documents for different entities, ensuring compliance with contemporary legal standards. It also modifies the requirements for stockholder actions, meeting notifications, and the issuance of stock, enhancing operational efficiency and transparency. Overall, SB112 aims to streamline the legal framework governing business entities in Alabama, ensuring clarity and accessibility for owners and members regarding their rights and responsibilities.

Statutes affected:
Introduced: 10A-1-1, 10A-1-1, 10A-1-3, 10A-1-5, 10A-2A-1, 10A-2A-1, 10A-2A-1, 10A-2A-2, 10A-2A-6, 10A-2A-6, 10A-2A-6, 10A-2A-7, 10A-2A-7, 10A-2A-10, 10A-2A-10, 10A-2A-10, 10A-2A-12, 10A-2A-13, 10A-2A-14, 10A-3A-1, 10A-3A-1, 10A-3A-1, 10A-3A-2, 10A-3A-7, 10A-3A-7, 10A-3A-9, 10A-3A-9, 10A-3A-10, 10A-3A-10, 10A-3A-10, 10A-3A-11, 10A-4-1, 10A-4-2, 10A-4-2, 10A-4-2, 10A-4-2, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-4, 10A-4-4, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-5A-1, 10A-5A-2, 10A-5A-2, 10A-5A-3, 10A-5A-8, 10A-8A-1, 10A-8A-10, 10A-9A-1, 10A-9A-2, 10A-9A-2, 10A-5A-1, 10A-8A-1, 10A-9A-1
Engrossed: 10A-1-1, 10A-1-1, 10A-1-3, 10A-1-5, 10A-2A-1, 10A-2A-1, 10A-2A-1, 10A-2A-2, 10A-2A-6, 10A-2A-6, 10A-2A-6, 10A-2A-7, 10A-2A-7, 10A-2A-10, 10A-2A-10, 10A-2A-10, 10A-2A-12, 10A-2A-13, 10A-2A-14, 10A-3A-1, 10A-3A-1, 10A-3A-1, 10A-3A-2, 10A-3A-7, 10A-3A-7, 10A-3A-9, 10A-3A-9, 10A-3A-10, 10A-3A-10, 10A-3A-10, 10A-3A-11, 10A-4-1, 10A-4-2, 10A-4-2, 10A-4-2, 10A-4-2, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-4, 10A-4-4, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-5A-1, 10A-5A-2, 10A-5A-2, 10A-5A-3, 10A-5A-8, 10A-8A-1, 10A-8A-10, 10A-9A-1, 10A-9A-2, 10A-9A-2, 10A-5A-1, 10A-8A-1, 10A-9A-1
Enrolled: 10A-1-1, 10A-1-1, 10A-1-3, 10A-1-5, 10A-2A-1, 10A-2A-1, 10A-2A-1, 10A-2A-2, 10A-2A-6, 10A-2A-6, 10A-2A-6, 10A-2A-7, 10A-2A-7, 10A-2A-10, 10A-2A-10, 10A-2A-10, 10A-2A-12, 10A-2A-13, 10A-2A-14, 10A-3A-1, 10A-3A-1, 10A-3A-1, 10A-3A-2, 10A-3A-7, 10A-3A-7, 10A-3A-9, 10A-3A-9, 10A-3A-10, 10A-3A-10, 10A-3A-10, 10A-3A-11, 10A-4-1, 10A-4-2, 10A-4-2, 10A-4-2, 10A-4-2, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-3, 10A-4-4, 10A-4-4, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-4-5, 10A-5A-1, 10A-5A-2, 10A-5A-2, 10A-5A-3, 10A-5A-8, 10A-8A-1, 10A-8A-10, 10A-9A-1, 10A-9A-2, 10A-9A-2, 10A-5A-1, 10A-8A-1, 10A-9A-1