HB357 Summary

• Proposes a constitutional amendment to Alabama's 1901 Constitution effective January 1, 2014, requiring voter approval by majority of qualified electors.

• Amends Section 229 to authorize the Legislature to pass general laws governing organization, operation, and regulation of corporations and other entities, with authority to impose business privilege taxes on corporations organized or doing business in Alabama.

• Exempts strictly benevolent, educational, and religious corporations from business privilege taxes on their withdrawable or repurchasable shares.

• Amends Section 239 regarding telegraph and telephone companies' right to construct and maintain lines while prohibiting consolidation with competing lines without legislative authorization.

• Repeals 11 obsolete constitutional sections (230-246) concerning private corporations, railroads, canals, charter cancellations, stock issuance restrictions, and railroad regulations.