US Lawyer Database

Section 10A-20-7.19 – Fiscal Year.

Section 10A-20-7.19 Fiscal year. Corporations organized under this article shall adopt the calendar year as their fiscal year. (Acts 1969, No. 322, p. 681, §22; §10-4-148; amended and renumbered by Act 2009-513, p. 967, §336.)

Section 10A-20-7.20 – Amendment of Certificate of Formation.

Section 10A-20-7.20 Amendment of certificate of formation. (a) The certificate of formation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and the amendments shall require approval by the affirmative vote of two thirds of the votes to which the stockholders shall be entitled and […]

Section 10A-20-7.21 – Duration of Corporation.

Section 10A-20-7.21 Duration of corporation. The period of duration of the corporation shall be 50 years, subject, however, to the right of the stockholders and the members to dissolve the corporation prior to the expiration of the period as provided in Section 10A-20-7.22. (Acts 1969, No. 322, p. 681, §14; §10-4-150; amended and renumbered by […]

Section 10A-20-7.22 – Dissolution.

Section 10A-20-7.22 Dissolution. A corporation may, upon the affirmative vote of two thirds of the votes to which the stockholders shall be entitled and two thirds of the votes to which the members shall be entitled, dissolve the corporation. Upon dissolution of the corporation, none of the corporation’s assets shall be distributed to the stockholders […]

Section 10A-20-7.23 – Applicability of Laws Regulating Securities.

Section 10A-20-7.23 Applicability of laws regulating securities. The provisions of Title 8 and any other laws of this state regulating the issue, registration, and sale of securities shall not apply to any security issued by a corporation organized under this article. (Acts 1969, No. 322, p. 681, §21; §10-4-152; amended and renumbered by Act 2009-513, […]

Section 10A-20-7.14 – Tax Exemptions, Credits, and Privileges.

Section 10A-20-7.14 Tax exemptions, credits, and privileges. Any tax exemptions, tax credits, or tax privileges granted to banks, savings and loan associations, trust companies, and other financial institutions by any general laws are granted to corporations organized pursuant to this article. (Acts 1969, No. 322, p. 681, §18; §10-4-143; amended and renumbered by Act 2009-513, […]

Section 10A-20-7.15 – Occupational License Taxes.

Section 10A-20-7.15 Occupational license taxes. Every corporation organized and engaged in business under this article shall pay an annual state occupational license tax of fifty dollars ($50). Counties and municipalities are authorized in addition to levy an occupational license tax. (Acts 1969, No. 322, p. 681, §19; §10-4-144; amended and renumbered by Act 2009-513, p. […]

Section 10A-20-7.16 – Setting Apart of Earned Surplus.

Section 10A-20-7.16 Setting apart of earned surplus. Each year, the corporation shall set apart as earned surplus not less than 10 percent of its net earnings for the preceding fiscal year until the surplus shall be equal in value to one half of the amount paid in on the capital stock then outstanding. Whenever the […]

Section 10A-20-7.17 – Deposit of Funds in Designated Depository.

Section 10A-20-7.17 Deposit of funds in designated depository. The corporation shall not deposit any of its funds in any banking institution unless the institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is […]

Section 10A-20-7.18 – Annual Examination and Reports.

Section 10A-20-7.18 Annual examination and reports. The corporation shall be examined at least once annually by a certified public accountant and shall file reports of its condition annually with the Secretary of State, who in turn shall make copies of the reports available to the Governor. The corporation shall pay the actual cost of the […]