Section 10A-3A-1.25 - Effect of ratificationFrom and after the validation effective time, and without regard to the 120-day period during which a claim may be brought under Section 10A-3A-1.27:
(a) Each defective corporate action ratified in accordance with Section 10A-3A-1.22 shall not be void or voidable as a result of the failure of authorization identified in the action taken under Section 10A-3A-1.22(a) or (b) and shall be deemed a valid corporate action effective as of the date of the defective corporate action;(b) The issuance of each putative membership interest purportedly issued pursuant to a defective corporate action identified in the action taken under Section 10A-3A-1.22 shall not be void or voidable, and each putative membership interest shall be deemed to be an identical membership interest as of the time it was purportedly issued; and(c) Any corporate action taken subsequent to the defective corporate action ratified in accordance with this Division B of Article 1 in reliance on the defective corporate action having been validly effected and any subsequent defective corporate action resulting directly or indirectly from the original defective corporate action shall be valid as of the time taken.Ala. Code § 10A-3A-1.25 (1975)
Added by Act 2023-503,§ 1, eff. 1/1/2024.