(a) The certificate of incorporation of a membership nonprofit corporation may require that a disposition of assets under Section 10A-3A-10.02 be approved in writing by a specified person or group of persons in addition to the board of directors and members.
non profit

Need help reviewing 501c forms?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Alabama Code 10A-3A-10.04

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • certificate of incorporation: as used in this chapter is synonymous to the term certificate of formation used in Chapter 1. See Alabama Code 10A-3A-1.02
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
(b) The certificate of incorporation of a nonmembership nonprofit corporation may require that a disposition of assets under Section 10A-3A-10.03 be approved in writing by a specified person or group of persons in addition to the board of directors.
(c) A requirement in the certificate of incorporation described in subsection (a) or (b) of this section may only be approved by the written approval of the specified person or group of persons.
  Previous section
Next section  
 Article 10 Contents