The bill SB204 Engrossed proposes significant changes to the Code of Alabama 1975, particularly concerning the obligations of corporations to file annual reports with the Secretary of State. It seeks to remove this requirement by repealing Section 10A-2A-16.11 and deleting references to the annual report filing obligation in various sections, such as Section 10A-1-7.12 and Section 10A-2A-1.40. The bill also includes the renumbering of subsequent clauses in the affected sections due to these deletions. Furthermore, it redefines the principal office of a corporation, removing the need to designate it in the annual report and instead identifying it as the location of the corporation's principal executive offices.

Additionally, SB204 Engrossed updates the provisions related to corporate communications, particularly the delivery and receipt of notices. It allows for electronic transmission of notices under certain conditions and details when such notices are considered received. The bill specifies the use of broad non-exclusionary distribution methods when electronic delivery is impracticable and outlines the process for delivering notices to a corporation's registered agent or secretary. It also clarifies the conditions for the effective receipt of various forms of communication, including electronic, physical, and oral. The bill includes insertions, such as adding the word "and" in the list of records a corporation must maintain, and deletions, such as the removal of the requirement to maintain the most recent annual report delivered to the Secretary of State. The bill has passed the Senate and is set to become effective 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