BUSINESS AND NONPROFIT ENTITIES CODE AND COMMENTARY

NOVEMBER 2008

Chairman: Jim Pruett
Reporter: Professor Howard Walthall

ADVISORY COMMITTEE
Professor James D. Bryce
Larry B. Childs
James “Rick” Clifton
C. Fred Daniels
Robert P. Denniston
Peck Fox
Charles Grainger
James F. Hughey, Jr.
Gregory Leatherbury, Jr.
Curtis O. Liles, III
Mark D. Maloney
Thomas G. Mancuso
Robert L. McCurley, Jr.
James Pruett, Chairman
Henry E. Simpson
Bradley J. Sklar
Professor Howard Walthall
Robert Walthall

Alabama Law Institute
P.O. Box 861425
Tuscaloosa, AL 35486-0013

Short Table of Contents

CHAPTER  1
CHAPTER  2
CHAPTER  3
CHAPTER  4
CHAPTER  5
CHAPTER  6
CHAPTER  7
CHAPTER  8
CHAPTER  9
 CHAPTER 10
 CHAPTER 11
 CHAPTER 12
 CHAPTER 13
 CHAPTER 14
 CHAPTER 15
 CHAPTER 16
 CHAPTER 17
 CHAPTER 18
 CHAPTER 19
 CHAPTER 20
 CHAPTER 21
 CHAPTER 22
 CHAPTER 23
 CHAPTER 24
 CHAPTER 25
 CHAPTER 26
 CHAPTER 27
 CHAPTER 28
 CHAPTER 29
 CHAPTER 30		 General Provisions
Business Corporations
Nonprofit Corporations
Professional Corporations
Limited Liability Companies
Reserved
Reserved
General Partnerships
Limited Partnerships
Real Estate Investment Trusts
Employee Cooperative Corporations
Reserved
Reserved
Reserved
Reserved
Business Trusts
Unincorporated Nonprofit Associations
Reserved
Reserved
Special Purpose Entities
Certain Powers, Rights, and Duties of Corporations
Reserved
Reserved
Reserved
Reserved
Reserved
Reserved
Reserved
Reserved
Provisions Applicable to Existing Entities of a Type That
May No Longer be Formed: Unincorporation Unincorporated
Professional Associations and Close Corporations		 1
137
287
341
361
407
408
409
471
507
531
539
540
541
542
543
547
559
560
561
633
651
652
653
654
655
656
657
658
659
CROSS-REFERENCE TABLE 681