Section 10A-3A-12.07 - Abandonment of a merger(a) After a plan of merger has been adopted and approved as required by this Article 12, and before the statement of merger has become effective, the plan may be abandoned by a nonprofit corporation that is a party to the plan without action by its members, if any, or a person or group of persons under Section 10A-3A-12.08, if any, in accordance with any procedures set forth in the plan of merger or, if no procedures are set forth in the plan, in the manner determined by the board of directors.(b) If a merger is abandoned under subsection (a) after the statement of merger has been delivered to the Secretary of State for filing but before the merger has become effective, a statement of abandonment signed by all the parties that signed the statement of merger shall be delivered to the Secretary of State for filing before the statement of merger becomes effective. The statement shall take effect on filing and the merger shall be deemed abandoned and shall not become effective. The statement of abandonment must contain: (1) the name of each party to the merger;(2) the date on which the statement of merger was filed by the Secretary of State; and(3) a statement that the merger has been abandoned in accordance with this section.Ala. Code § 10A-3A-12.07 (1975)
Added by Act 2023-503,§ 1, eff. 1/1/2024.