Section 41-10-800 Legislative findings. The Legislature finds and declares all of the following: (1) On July 16, 2020, the Governor issued Executive Order No. 720, establishing the Alabama Innovation Commission to “identify policies that will promote entrepreneurship, innovation, and related opportunities in the State of Alabama.” (2) The commission has issued an interim report outlining […]
Section 41-10-801 Definitions. For the purposes of this article, the following terms shall have the following meanings: (1) ASPIRING ALABAMIAN. A person who has less than one hundred thousand dollars ($100,000) of household net worth and who satisfies at least one of the following criteria: a. The person has a principal residence in a community […]
Section 41-10-802 Incorporation. (a) The Governor, the Speaker of the House of Representatives, and the President Pro Tempore of the Senate shall present to the Secretary of State an application, signed by each of them, for the formation of the Alabama Innovation Corporation, as a public corporation, having a legal existence separate and apart from […]
Section 41-10-803 Board of directors. (a) The corporation shall be under the management and control of a board of directors, and all powers necessary or appropriate for the management and control of the corporation shall be vested solely in the board. The board shall be comprised of both ex officio directors and at-large directors, all […]
Section 41-10-804 Powers of the board. (a) The board shall have all of the powers necessary to carry out and effectuate the purposes of this article. The foregoing sentence shall be construed broadly, so that the failure to state a power of the board shall not be considered a limitation upon the board, so long […]
Section 41-10-805 Corporation contracts. The board may enter into contracts, leases, agreements, investments, and may otherwise expend monies without compliance with Article 2, commencing with Section 41-16-20, of Chapter 16 of Title 41, and Chapter 2 of Title 39, or any requirements relating to the procurement of professional service providers in Section 41-16-72. Solely as […]
Section 41-10-806 Alabama Innovation Fund – Created. (a)(1) For the benefit of the state and the residents thereof, there is created an irrevocable fund named the Alabama Innovation Fund, which shall be funded from all of the following sources: a. Proceeds of any gifts, grants, or contributions. b. Revenue sources as directed by, and at […]
Section 41-10-807 Alabama Innovation Fund – Management. (a) The fund shall be held in perpetual trust and shall not be appropriated by the Legislature or expended or disbursed for any purpose other than as provided in this article. Earnings on the fund’s investments shall remain a part of the fund. The board may expend the […]
Section 41-10-808 Amendments. At any time, the board, by majority vote, may cause its application for formation to be amended by having three of its directors file an amendment with the Secretary of State, which shall be sworn to by each signatory thereto before an officer authorized to take acknowledgments to deeds. (Act 2021-455, §1.)
Section 41-10-809 Dissolution. At any time, the board, by three-quarters vote, may dissolve the corporation by having three-quarters of its directors file with the Secretary of State an application for dissolution, which shall be sworn to by each signatory thereto by an officer authorized to take acknowledgments to deeds. Upon the filing of the application […]
Section 41-10-810 Liberal construction. This article shall be liberally construed to effectuate its purpose. (Act 2021-455, §1.)
Section 41-10-811 Report to Legislature. The Alabama Innovation Corporation shall report to the Legislature beginning in 2023, pursuant to Section 40-1-50, an assessment of the corporation efforts to accomplish the goals pursuant to this article. (Act 2021-455, §2.)
