The bill SB112 amends various sections of the Alabama Business and Nonprofit Entities Code to align with recent changes in Delaware law and the Model Business Corporation Act. Key amendments include the removal 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 indicate 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 specified conditions, and introduces new sections for ratification processes for limited liability companies, limited partnerships, and partnerships. Additionally, it establishes the Alabama Statewide Trade Association Law and updates the professional corporation law to reflect recent changes in business and nonprofit corporation laws.

Significant changes include the deletion of references to "Chapter 3" in the definition of nonprofit corporations, the introduction of new definitions for terms such as "designated court" and "electronic signature," and the clarification of the jurisdiction of formation for various entities. The bill also modifies the requirements for certificates of incorporation, including the inclusion of specific information and the expansion of liability protections for directors and officers of nonprofit corporations. Furthermore, it outlines new regulations for Alabama statewide trade associations, including record-keeping, member inspection rights, and financial oversight, while emphasizing the protection of member data. Overall, SB112 aims to modernize and clarify the legal framework governing business entities in Alabama, enhancing operational efficiency and compliance with updated legal standards.

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