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Ala. Code § 10A-20-7.06

Membership - Withdrawal.

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 1969, No. 322, p. 681, §6; §10-4-135; amended and renumbered by Act 2009-513, p. 967, §336.)

(a) Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation five years in advance, a member may withdraw from membership in the corporation at the expiration date of the notice.

(b) A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of the member.

Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.