The bill SB204 Engrossed 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 focus of this legislation is to eliminate the requirement for corporations to file an annual report with the Secretary of State, which includes the deletion of language that mandated foreign entities to submit their annual report within 180 days after it was due. By removing this requirement, the bill aims to streamline the regulatory process for corporations, thereby reducing administrative burdens and enhancing the business environment in Alabama.

Additionally, the bill introduces amendments that modernize the legal framework governing nonprofit corporations and foreign nonprofit corporations. It clarifies the definition of "principal office," modifies the language regarding electronic communications, and expands definitions related to corporate governance. Notably, it allows for electronic notices to stockholders while ensuring they can opt-out of such communications. The bill also mandates corporations to maintain a list of current directors and officers, while deleting the requirement to keep the most recent annual report. These changes are set to take effect on October 1, 2024, and reflect a broader effort to enhance transparency and communication within corporate governance.

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