Alabama § 10A-2-13.26 Failure to Take Corporate Action

Alabama Statutes

§ 10A-2-13.26 — Failure to Take Corporate Action

Alabama § 10A-2-13.26

JurisdictionAlabama

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 2Business Corporations

Art. 13Dissenters’ Rights

Div. BProcedure for Exercise of Dissenters’ Rights

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Bluebook

Ala. Code § 10A-2-13.26 (2026).

Text

REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.

(a)If the corporation does not take the proposed action within 60 days after the date set for demanding payment, the corporation shall release the transfer restrictions imposed on shares.

(b)If, after releasing transfer restrictions, the corporation takes the proposed action, it must send a new dissenters’ notice under Section 10A-2-13.22 and repeat the payment demand procedure.

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REPEALED IN THE 2019 REGULAR SESSION BY ACT 2019-94 EFFECTIVE JANUARY 1, 2020. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) If the corporation does not take the proposed action within 60 days after the date set for demanding payment, the corporation shall release the transfer restrictions imposed on shares.
(b) If, after releasing transfer restrictions, the corporation takes the proposed action, it must send a new dissenters’ notice under Section 10A-2-13.22 and repeat the payment demand procedure.