Alabama § 10A-20-7.06 Membership - Withdrawal

Alabama Statutes

§ 10A-20-7.06 — Membership - Withdrawal

Alabama § 10A-20-7.06

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 20Special Purpose Entities

Art. 7Industrial Development Corporation

This text of Alabama § 10A-20-7.06 (Membership - Withdrawal) 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-20-7.06 (2026).

Text

(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 make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of the member.

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(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 make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of the member.