Bill > HB267

This bill makes several changes to the Alabama Nonprofit Corporation Law to align it with national standards set by the Model Nonprofit Corporation Act of 2021 and the Delaware General Corporation Law. Specifically, the bill: - Adds a new Chapter 3A to the Alabama Business and Nonprofit Entity Code to establish the Alabama Nonprofit Corporation Law, which will apply to all nonprofit corporations incorporated in Alabama as of January 1, 2025. - Revises the provisions governing the incorporation, purposes, powers, records, meetings, membership, financial provisions, directors and officers, amendments, dispositions of assets, and dissolution of nonprofit corporations to conform with the national standards. - Makes conforming changes throughout the Alabama Business and Nonprofit Entity Code to integrate the new Alabama Nonprofit Corporation Law with the other entity types governed by the code, such as business corporations, limited liability companies, and partnerships. The bill is intended to modernize and standardize the laws governing nonprofit corporations in Alabama to reflect national best practices and provide more flexibility and clarity for nonprofit organizations operating in the state.