Current as of January 01, 2019 | Updated by FindLaw Staff
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(a) Ownership interests in a domestic entity may be certificated or uncertificated.
(b) The ownership interests in a business corporation, real estate investment trust, or professional corporation must be certificated unless the governing documents of the entity or a resolution adopted by the governing authority of the entity states that the ownership interests are uncertificated. If a domestic entity changes the form of its ownership interests from certificated to uncertificated, a certificated ownership interest subject to the change becomes an uncertificated ownership interest only after the certificate is surrendered to the domestic entity.
(c) Ownership interests in a domestic entity, other than a domestic entity described in subsection (b), are uncertificated unless this title or the governing documents of the domestic entity state that the interests are certificated.
(d) Unless an entity's chapter specifically provides otherwise, no certificate of a certificated ownership interest shall be issued in bearer form.
Cite this article: FindLaw.com - Alabama Code Title 10A. Alabama Business and Nonprofit Entities Code § 10A-1-3.41 - last updated January 01, 2019 | https://codes.findlaw.com/al/title-10a-alabama-business-and-nonprofit-entities-code/al-code-sect-10a-1-3-41.html
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