The bill SB112 Enrolled proposes comprehensive amendments to the Alabama Business and Nonprofit Entities Code, aiming to align it with Delaware law and the Model Business Corporation Act. It revises definitions, clarifies the formation process of entities, and updates the responsibilities and liabilities of officers and directors. The bill eliminates references to the old Alabama Nonprofit Corporation Law, specifies that registered agents must be located within Alabama, and introduces a new chapter for the Alabama Statewide Trade Association Law. It also streamlines the ratification process for certain actions and transactions for various entities, including LLCs, limited partnerships, and partnerships. Insertions in the bill include the word "Enrolled" and new sections to the Code of Alabama 1975.

Key changes include the deletion of references to "Chapter 3" in defining nonprofit corporations, now solely under "Chapter 3A," and the clarification of terms such as "member," "nonprofit corporation," and various other legal terms. The bill also addresses the validation of defective corporate actions, the issuance of stock, and the handling of stockholder meetings and consents. It permits the board of directors to adopt certain amendments to the corporation's certificate of incorporation without stockholder approval. Additionally, the bill outlines the conditions under which appraisal rights are granted or not available, and it details the dissolution process for corporations. Definitions related to professional corporations are updated, and the bill specifies the liability of individuals rendering professional services. Lastly, the bill amends the governance of LLCs, partnerships, and Alabama statewide trade associations, including the maintenance of records, inspection rights, and the use of membership lists.

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