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 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 definitions related to electronic transactions, enhancing the legal framework for business entities in Alabama.

Additionally, SB112 establishes a new chapter for Alabama statewide trade associations, outlining their governance and operational requirements, including record-keeping, member inspection rights, and financial oversight. The bill mandates that associations maintain specific records and undergo annual audits by independent certified public accounting firms. It also regulates the use of membership lists, prohibiting unauthorized use for commercial purposes and ensuring that nonprofit corporations wishing to be recognized as statewide trade associations include a specific statement in their certificate of incorporation. Overall, SB112 aims to enhance clarity, operational efficiency, and compliance with contemporary legal standards for business and nonprofit entities in Alabama.

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