A corporation may, upon the affirmative vote of two thirds of the votes to which the stockholders shall be entitled and two thirds of the votes to which the members shall be entitled, dissolve the corporation. Upon dissolution of the corporation, none of the corporation's assets shall be distributed to the stockholders until all sums due the members of the corporation as creditors thereof have been paid in full.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 20 - Special Purpose Entities.
Article 7 - Industrial Development Corporation.
Section 10A-20-7.01 - Definitions.
Section 10A-20-7.02 - Incorporation.
Section 10A-20-7.03 - First Meeting.
Section 10A-20-7.04 - Powers of Corporation.
Section 10A-20-7.05 - Membership - Application; When Effective.
Section 10A-20-7.06 - Membership - Withdrawal.
Section 10A-20-7.07 - Directors and Officers.
Section 10A-20-7.08 - Corporation to Be State Development Company.
Section 10A-20-7.09 - Powers of Stockholders and Members.
Section 10A-20-7.11 - Loans to Corporation by Members.
Section 10A-20-7.12 - Credit of State Not to Be Pledged.
Section 10A-20-7.13 - Taking of Security by Mortgage or Otherwise.
Section 10A-20-7.14 - Tax Exemptions, Credits, and Privileges.
Section 10A-20-7.15 - Occupational License Taxes.
Section 10A-20-7.16 - Setting Apart of Earned Surplus.
Section 10A-20-7.17 - Deposit of Funds in Designated Depository.
Section 10A-20-7.18 - Annual Examination and Reports.
Section 10A-20-7.19 - Fiscal Year.
Section 10A-20-7.20 - Amendment of Certificate of Formation.
Section 10A-20-7.21 - Duration of Corporation.
Section 10A-20-7.22 - Dissolution.
Section 10A-20-7.23 - Applicability of Laws Regulating Securities.