Alabama § 10A-20-7.22 Dissolution

Alabama Statutes

§ 10A-20-7.22 — Dissolution

Alabama § 10A-20-7.22

Title 10AAlabama Business and Nonprofit Entities Code

Ch. 20Special Purpose Entities

Art. 7Industrial Development Corporation

This text of Alabama § 10A-20-7.22 (Dissolution) 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-20-7.22 (2026).

Text

A corporation may, upon the affirmative vote of two thirds of the votes to which the stockholders shall be entitled and two thirds of the votes to which the members shall be entitled, dissolve the corporation. Upon dissolution of the corporation, none of the corporation’s assets shall be distributed to the stockholders until all sums due the members of the corporation as creditors thereof have been paid in full.

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A corporation may, upon the affirmative vote of two thirds of the votes to which the stockholders shall be entitled and two thirds of the votes to which the members shall be entitled, dissolve the corporation. Upon dissolution of the corporation, none of the corporation’s assets shall be distributed to the stockholders until all sums due the members of the corporation as creditors thereof have been paid in full.