Alabama § 10A-11-1.08 Voting Power; Amendment or Repeal of Bylaws; Protection of Stockholders

Alabama Statutes

§ 10A-11-1.08 — Voting Power; Amendment or Repeal of Bylaws; Protection of Stockholders

Alabama § 10A-11-1.08

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 11Employee Cooperative Corporations

This text of Alabama § 10A-11-1.08 (Voting Power; Amendment or Repeal of Bylaws; Protection of Stockholders) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ala. Code § 10A-11-1.08 (2026).

Text

(a)No capital stock other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in this chapter.

(b)Notwithstanding any other provision of law, the power to amend or repeal bylaws of an employee cooperative shall be vested in the members only.

(c)Amendments adversely affecting the rights of members may not be adopted without the vote of the members, except that the protection of this subsection may be extended to stockholders in the case of employee cooperative corporations that have not elected to operate as an internal capital account cooperative.

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(a) No capital stock other than membership shares shall be given voting power in an employee cooperative, except as otherwise provided in this chapter.
(b) Notwithstanding any other provision of law, the power to amend or repeal bylaws of an employee cooperative shall be vested in the members only.
(c) Amendments adversely affecting the rights of members may not be adopted without the vote of the members, except that the protection of this subsection may be extended to stockholders in the case of employee cooperative corporations that have not elected to operate as an internal capital account cooperative.