The Alabama Legislature

This act substantially amends the Alabama Business and Nonprofit Entities Code to: (1) eliminate references to the old Alabama Nonprofit Corporation Law; (2) clarify certain procedures relating to registered agents, the ratification process of certain actions, and the sale of property by business and nonprofit corporations in accordance with Delaware law changes; (3) provide for the exculpation of certain officers for certain actions in accordance with changes to Delaware law and the Model Business Corporation Act; (4) further provide for the issuance and acquiring of stocks and the meeting of stockholders; and (5) clarify the amendment and restatement process. This act also adds Sections 10A-5A-1.11, 10A-8A-1.14, 10A-9A-1.15 and Chapter 18 to Title 10A of the Code of Alabama 1975, to: (1) provide a process for ratification of certain actions and transactions for limited liability companies, limited partnerships, and partnerships, and (2) adopt the Alabama Statewide Trade Association Law, which provides requirements relating to trade association records, financial review, and membership lists.