The bill SB204 Engrossed amends several sections of the Code of Alabama 1975, specifically targeting the operational procedures of nonprofit corporations and the requirements for corporate compliance. A significant change is the elimination of the requirement for corporations to file an annual report with the Secretary of State, as indicated by the repeal of Section 10A-2A-16.11 and the removal of related language mandating foreign entities to submit their annual reports within 180 days after the due date. This legislative change aims to reduce administrative burdens on corporations and streamline compliance processes.

In addition to the removal of the annual report requirement, the bill introduces updates to the definitions and procedures related to corporate governance. It clarifies the definition of "principal office," allows for electronic transmission of notices and communications with recipient consent, and specifies conditions under which electronic communications are considered received. The bill also modifies record-keeping requirements, ensuring that corporations maintain accurate records of directors, officers, and stockholders, including electronic contact information. These changes are designed to modernize the legal framework governing nonprofit corporations, enhancing operational efficiency and clarity in communication practices, with the new provisions 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