Alabama Code 44-3-3. Effect of formation of corporations upon presently existing juvenile facilities and programs and corporations
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Alabama Code 44-3-3
- 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.
Any corporation so created shall be a public, nonprofit corporation and may be organized as a successor to presently existing juvenile facilities and programs. Members in presently existing corporations shall automatically retain membership in any successor corporation formed after the passage of this chapter.