The bill SB204 Engrossed amends several sections of the Code of Alabama 1975, specifically targeting the requirements for corporations and nonprofit organizations. A significant change is the elimination of the annual report requirement, as indicated by the deletion of language mandating foreign entities to file their annual reports within 180 days after the due date. This amendment aims to streamline corporate compliance and reduce administrative burdens. Additionally, the bill retains provisions for the revocation of registration for foreign entities that fail to meet certain obligations, such as tax payments or maintaining a registered agent.

Moreover, the bill modernizes communication methods for corporations by clarifying the definition of "principal office" and updating the procedures for delivering notices and communications. It allows for electronic communications with stockholders, provided they consent to receive notices via email, and establishes conditions under which electronic notices are considered received. The bill also removes references to the "most recent annual report" in the context of delivering notices, thereby simplifying communication processes. The record-keeping requirements are modified to emphasize maintaining a current list of stockholders, including their email addresses, while the requirement to keep the most recent annual report is deleted. The bill is set to take effect on October 1, 2024, following unanimous support in the Senate.

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