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AL HB209
Bill
Status
2/2/2022
Primary Sponsor
Timothy Wadsworth
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AI Summary
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Amends Section 10A-2A-6.04 of the Alabama Code to prohibit corporations from issuing scrip certificates in bearer form, requiring all scrip to be registered.
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Allows corporations to handle fractional shares by paying cash value, issuing scrip in certificated or uncertificated registered form, or arranging for disposition by shareholders.
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Requires each scrip certificate to be conspicuously labeled "scrip" and contain information specified in Section 10A-1-3.42(c).
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Mandates that corporations issuing or transferring uncertificated scrip comply with notice requirements under Section 10A-1-3.45 within a reasonable time.
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Takes effect on the first day of the third month following passage and approval by the Governor.
Legislative Description
Corporations, stock, issuance in fractional shores reg., issuance of scrip in bearer form prohibited, Sec. 10A-2A-6.04 am'd.
Corporations
Last Action
Pending third reading on day 12 Favorable from Financial Services
2/16/2022