A nonprofit corporation shall not have or issue shares of stock.
Ala. Code § 10A-3A-6.43
Shares of Stock Prohibited.
Known as the Alabama Business and Nonprofit Entity Code
The act spans §§ 10A-1-1.01 to 10A-9A-9.09 (1,341 sections).
(Act 2023-503, §1.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.