The bill HB230 amends several sections of the Code of Alabama 1975, specifically targeting Sections 10A-1-7.12, 10A-2A-1.40, 10A-2A-1.41, and 10A-2A-16.01, while repealing Section 10A-2A-16.11. The primary objective of these amendments is to eliminate the requirement for corporations to file an annual report with the Secretary of State, thereby streamlining the regulatory process for corporations in Alabama. Notably, the bill deletes the phrase regarding the obligation of foreign entities to deliver their annual report within 180 days after it is due, which reduces the administrative burden on both corporations and foreign entities.

Additionally, HB230 introduces new definitions and provisions related to corporate governance and communication. It modifies the definition of "PRINCIPAL OFFICE" to clarify that it refers to the location of the corporation's principal executive offices, and it defines "PRIVATE ORGANIZATIONAL DOCUMENTS" to include bylaws and internal rules of unincorporated entities. The bill also allows for electronic communication with stockholders, provided they consent, and outlines various methods for delivering notices. Furthermore, it mandates that corporations maintain specific records, including their certificate of incorporation and bylaws, while removing the requirement to keep the most recent annual report. These changes are set to take effect on October 1, 2024.

Statutes affected:
Introduced: 10A-1-7, 10A-2A-1, 10A-2A-1, 10A-2A-16, 10A-2A-16, 10A-1-7, 10A-2A-1, 10A-2A-1, 10A-2A-16
Engrossed: 10A-1-7, 10A-2A-1, 10A-2A-1, 10A-2A-16, 10A-2A-16, 10A-1-7, 10A-2A-1, 10A-2A-1, 10A-2A-16
Enrolled: 10A-1-7, 10A-2A-1, 10A-2A-1, 10A-2A-16, 10A-2A-16, 10A-1-7, 10A-2A-1, 10A-2A-1, 10A-2A-16