Ala. Code § 10A-3A-13.04

Current through the 2024 Regular Session.

Section 10A-3A-13.04 - Action on a plan of conversion in a nonmembership nonprofit corporation

In the case of a conversion of a nonmembership nonprofit corporation the plan of conversion shall be adopted in the following manner:

(a) The plan of conversion shall be adopted by the board of directors; and

(b) A plan of conversion adopted by the board of directors under this section must also be approved in writing by a person or group of persons, if any, whose approval is required under Section 10A-3A-13.08.

Ala. Code § 10A-3A-13.04 (1975)

Added by Act 2023-503,§ 1, eff. 1/1/2024.