Code of Alabama
Article 1 - Unincorporated Professional Associations.
Section 10A-30-1.16 - Distribution of Assets on Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984.

In the event of dissolution of a stock-type professional association, the board of governors, as trustees of the property of such professional association, shall apply the assets first to the payment of debts of the association and, secondly, to the holders of the stock as provided in the certificate of formation. In the event of dissolution of a nonstock-type association, the assets shall be distributed, or sold, and the net proceeds distributed first to the payment of debts of the association and, secondly, to or among the members of the association, as the certificate of formation shall provide.

Structure Code of Alabama

Code of Alabama

Title 10A - Alabama Business and Nonprofit Entities Code.

Chapter 30 - Provisions Applicable to Exisiting Entities of a Type That May No Longer Be Formed:unincorporated Professional Associations and Close Corporations.

Article 1 - Unincorporated Professional Associations.

Section 10A-30-1.01 - Definitions; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.02 - Laws Governing - Generally; Applicability of Article to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.03 - Laws Governing - Actions; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.04 - Formation; Restriction on Service Rendered; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.05 - Certificate of Formation; Name of Association; Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.06 - Purposes; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.07 - Stock and Nonstock Associations; Nature and Transferability of Members' Interests; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.08 - Board of Governors; Officers; Bylaws; Voting by Members or Shareholders; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.09 - Powers; Conveyances; Exemption From Liability; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.10 - Furnishing of Statements to Secretary of State; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.11 - Effect of Article on Professional Relationships; Liability of Members or Shareholders; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.12 - Professional Services to Be Rendered Only Through Licensed Officers or Employees; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.13 - Withdrawal of Members and Employees Becoming Disqualified to Practice; Proceedings to Dissolve Noncomplying Association; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.14 - Purchase of Membership or Shares of Former Member or Shareholder; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.15 - Continuity of Association Independent of Members or Shareholders; Applicable to Professional Associations Formed Prior to January 1, 1984.

Section 10A-30-1.16 - Distribution of Assets on Dissolution; Applicable to Professional Associations Formed Prior to January 1, 1984.