AL HB331

Amends Section 10A-2-11.02 of the Code of Alabama 1975 to authorize share exchange transactions between corporations in addition to existing merger provisions.

Allows a corporation to acquire all outstanding shares of one or more classes or series of another corporation if the board of directors of each corporation adopts the exchange and shareholders approve as required by Section 10A-2-11.03.

Requires the exchange plan to identify both corporations involved, set forth the terms and conditions of the exchange, and specify how acquired shares will be exchanged for shares, obligations, securities, cash, or other property.

Permits the exchange plan to include other provisions related to the exchange transaction.

Does not restrict a corporation's existing power to acquire shares through voluntary exchange or other means; becomes effective immediately upon passage and approval by the Governor.