Bill > HB248

This bill makes several amendments to the Alabama Business and Nonprofit Entities Code to clarify procedures, correct technical errors, and codify common law principles. Key provisions include clarifying the definition of a "disinterested person" in business transactions, establishing that domestic entities are governed by Alabama law regarding their formation and internal affairs, and detailing the requirements for correcting or nullifying filed documents. The bill also updates rules regarding registered agents, ensuring they cannot solely operate through virtual offices, and refines the process for foreign entities registering and withdrawing from the state. Furthermore, it clarifies the duties and liabilities of directors and officers, particularly concerning corporate opportunities and conflicting interest transactions, and expands the rights of shareholders and members to access corporate records, while also introducing new provisions for nonprofit corporations regarding derivative actions and corporate opportunities. Finally, the bill repeals and incorporates certain provisions related to financial statements for stockholders and members, and sets an effective date of August 1, 2026.

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https://alison.legislature.state.al.us/bill-search