Alabama § 10A-11-1.12 Conversion of Membership Shares, Etc.; Merger of Employee Cooperatives

Alabama Statutes

§ 10A-11-1.12 — Conversion of Membership Shares, Etc.; Merger of Employee Cooperatives

Alabama § 10A-11-1.12

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 11Employee Cooperative Corporations

This text of Alabama § 10A-11-1.12 (Conversion of Membership Shares, Etc.; Merger of Employee Cooperatives) 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-11-1.12 (2026).

Text

(a)When an employee cooperative revokes its election in accordance with Section 10A-11-1.04, the certificate of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with the Alabama Business Corporation Law.

(b)An employee cooperative which has not revoked its election under this chapter may not consolidate or merge with another corporation other than an employee cooperative. Two or more employee cooperatives may consolidate or merge in accordance with the Alabama Business Corporation Law.

Free access — add to your briefcase to read the full text and ask questions with AI

(a) When an employee cooperative revokes its election in accordance with Section 10A-11-1.04, the certificate of amendment shall provide for conversion of membership shares and internal capital accounts or their conversion to securities or other property in a manner consistent with the Alabama Business Corporation Law.
(b) An employee cooperative which has not revoked its election under this chapter may not consolidate or merge with another corporation other than an employee cooperative. Two or more employee cooperatives may consolidate or merge in accordance with the Alabama Business Corporation Law.