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35 chapters · 1,159 sections in this title.
Ala. Code § 10A-11-1.12 Conversion of Membership Shares, Etc.; Merger of Employee Cooperatives
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(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 wi…
Ala. Code § 10A-16-1.01 Definition of “Business Trust.”
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A business trust is an express trust created by a written declaration of trust whereby property is conveyed to one or more trustees, who hold and manage the same for the benefit and profit of such persons as may be or become the holders of transferable certificates evidencing the…
Ala. Code § 10A-16-1.02 Establishment; Lawful Purposes
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A business trust may be established by a declaration of trust, duly executed by one or more trustees, for any lawful purpose including, but not limited to, acquiring, managing, improving, leasing, dealing in, selling, or otherwise alienating, mortgaging, or otherwise incumbering …
Ala. Code § 10A-16-1.03 Powers and Liabilities of Trustees; Liability of Trust for Acts of Trustees
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The trustees shall hold the legal title to all property at any time belonging to the business trust. They shall have control over the property as well as the control and management of the business and affairs of the business trust. Liability to third persons for any act, omission…