Section 10A-20-7.01 Definitions. For the purposes of this article, the following terms shall have the meanings respectively ascribed to them by this section: (1) BOARD OF DIRECTORS. The board of directors of the corporation created under this article. (2) CORPORATION. An Alabama industrial development corporation created under this article. (3) FINANCIAL INSTITUTION. Any banking, mortgaging […]
Section 10A-20-7.02 Incorporation. (a) Five or more financial institutions or persons, a majority of whom shall be residents of this state, who may desire to create an industrial development corporation under the provisions of this article for the purpose of promoting, developing, and advancing the prosperity and economic welfare of the state and, to that […]
Section 10A-20-7.03 First meeting. (a) The first meeting of the corporation shall be called by a notice signed by three or more of the incorporators, stating the time, place, and purpose of the meeting, a copy of which notice shall be mailed or delivered to each incorporator at least five days before the day appointed […]
Section 10A-20-7.04 Powers of corporation. In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by Alabama statutes, the corporation shall, subject to the restrictions and limitations contained in this section, have the following powers: (1) To elect, appoint, and employ officers, agents, and employees to make […]
Section 10A-20-7.05 Membership – Application; when effective. Any financial institution may request membership in the corporation by making application to the board of directors on the form in the manner as the board of directors may require, and membership shall become effective upon acceptance of the application by the board. (Acts 1969, No. 322, p. […]
Section 10A-20-7.06 Membership – Withdrawal. (a) Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation five years in advance, a member may withdraw from membership in the corporation at the expiration date of the notice. (b) A member shall not be obligated to […]
Section 10A-20-7.07 Directors and officers. (a) The business and affairs of the corporation shall be managed and conducted by a board of directors, a president, a vice-president, a secretary, a treasurer, and other officers and agents as the corporation by its bylaws shall authorize. The board of directors shall consist of a number not less […]
Section 10A-20-7.08 Corporation to be state development company. Any corporation organized under this article shall be a state development company, as defined in the Small Business Investment Act of 1958, or any other similar federal legislation, and shall be authorized to operate on a statewide basis. (Acts 1969, No. 322, p. 681, §17; §10-4-137; amended […]
Section 10A-20-7.09 Powers of stockholders and members. (a) The stockholders and the members of the corporation shall have the following powers of the corporation: (1) To determine the number of and elect directors as provided in Section 10A-20-7.07. (2) To make, amend, and repeal bylaws. (3) To amend this charter as provided in Section 10A-20-7.20. […]
Section 10A-20-7.10 Rights to shares, bonds, securities, or other evidences of corporate indebtedness. (a) Notwithstanding any rule at common law, any provision of any general or special law or any provision in their respective charters, agreements of association, certificate of formation, or trust indentures: (1) Any person, including all domestic corporations organized for the purpose […]
Section 10A-20-7.11 Loans to corporation by members. Each member of the corporation shall make loans to the corporation as and when called upon by it to do so on the terms and other conditions as shall be approved from time to time by the board of directors, subject to the following conditions: (1) All loan […]
Section 10A-20-7.12 Credit of state not to be pledged. Under no circumstances shall the credit of the state be pledged to any corporation organized under this article. (Acts 1969, No. 322, p. 681, §16; §10-4-141; amended and renumbered by Act 2009-513, p. 967, §336.)
Section 10A-20-7.13 Taking of security by mortgage or otherwise. Notwithstanding the provisions of any other law of this state, now or hereinafter enacted, any corporation organized under this article shall be authorized to take and receive security by a mortgage, or otherwise, on property, real and personal. (Acts 1969, No. 322, p. 681, §20; §10-4-142; […]
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. 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. 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. 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. 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 […]
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. (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 […]
