Alabama § 10A-20-5.02 Distribution of Proceeds When Corporation Ceases Business

Alabama Statutes

§ 10A-20-5.02 — Distribution of Proceeds When Corporation Ceases Business

Alabama § 10A-20-5.02

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 20Special Purpose Entities

Art. 5Educational Institutions

This text of Alabama § 10A-20-5.02 (Distribution of Proceeds When Corporation Ceases Business) 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-20-5.02 (2026).

Text

When a corporation organized under the laws of Alabama for educational purposes, which corporation has issued shares of stock, whether or not the charter or laws of Alabama authorized the issue of stock, and which has ceased to engage in the business for which it was organized has sold all or any part of its property, the proceeds of the sale or sales remaining after the payment of all the debts of the corporation may be distributed pro rata among the holders of the stock issued and outstanding.

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

When a corporation organized under the laws of Alabama for educational purposes, which corporation has issued shares of stock, whether or not the charter or laws of Alabama authorized the issue of stock, and which has ceased to engage in the business for which it was organized has sold all or any part of its property, the proceeds of the sale or sales remaining after the payment of all the debts of the corporation may be distributed pro rata among the holders of the stock issued and outstanding.