Alabama Code 45-49A-10. Authority to form public corporation
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Terms Used In Alabama Code 45-49A-10
- 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.
- property: includes both real and personal property. See Alabama Code 1-1-1
The governing body of the City of Bayou La Batre, Mobile County, Alabama, may declare by the adoption of appropriate resolution the need for the formation of a public corporation to carry out this article. Upon the adoption of such resolution the governing body of the City of Bayou La Batre shall appoint five persons, each of whom shall be a duly qualified elector or property owner in the City of Bayou La Batre, or corporate officer of a property owner in the City of Bayou La Batre, who shall form the board of directors of such corporation and shall proceed to organize such corporation.