In the case of a conversion of a nonmembership nonprofit corporation the plan of conversion shall be adopted in the following manner:

(a) The plan of conversion shall be adopted by the board of directors; and

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Terms Used In Alabama Code 10A-3A-13.04

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • following: means next after. See Alabama Code 1-1-1
  • person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1
(b) A plan of conversion adopted by the board of directors under this section must also be approved in writing by a person or group of persons, if any, whose approval is required under Section 10A-3A-13.08.