Whenever 10 or more wholesale merchants wish to form an association, cooperative society, or corporation for nonprofit purposes in the sense of not paying interest or dividends on stock, but for mutual benefit through the application of cooperation or other economic principles, they may become a body corporate in the manner provided in Chapter 4.
Ala. Code § 10A-20-14.01
Wholesale Merchants; Authority to Form Corporation.
Known as the Alabama Business and Nonprofit Entity Code
The act spans §§ 10A-1-1.01 to 10A-9A-9.09 (1,341 sections).
(Acts 1951, No. 288, p. 572, §1; Acts 1984, No. 84-290, p. 502, §93; §10-4-280; amended and renumbered by Act 2009-513, p. 967, §350.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.