Alabama Business and Nonprofit Entities Code revisions clarify procedures, technical corrections, and codify common law.

This bill revises the Alabama Business and Nonprofit Entities Code, making technical corrections and codifying common law. It clarifies procedures for officers, directors, stockholders, and members of business corporations and nonprofit corporations when involved in conflicting transactions or corporate opportunities. It provides safe harbors for such transactions if certain conditions are met.

Alabama Business and Nonprofit Entities Code revisions clarify procedures, technical corrections, and codify common law.

This bill revises the Alabama Business and Nonprofit Entities Code, making technical corrections and codifying common law. It clarifies procedures for officers, directors, stockholders, and members of business corporations and nonprofit corporations when involved in conflicting transactions or corporate opportunities. It provides safe harbors for such transactions if certain conditions are met.